Unit 2: Grade 5 NJSLS-ELA Prerequisite Concepts and Skills

We need to find the combination of K and L that minimizes costs at any level of output q. The cost-minimization rule is given by . To find the marginal product of capital, observe that increasing K by 1 unit increases q by 5L, so MPK = 5L. Similarly, observe that increasing L by 1 unit increases Q by 5K, so MPL = 5K. Mathematically,. ................
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