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Powers Weston
02/16/2023 · Middle School

8. Suppose given a Cobb-Douglas production function \( Q=5 K^{0.2} L^{0.4} \), where the current level of capital is \( K=3 \) and the current level of labour is \( L=10 \). Use the Marginal Rate of Technical Substitution to estimate the increase in labour that will be needed to maintain the current production level if capital decreases by 0.5 .

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To maintain the current production level when capital decreases by 0.5, an increase in labor of approximately 1.99 units is needed.

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