Grease Tech produces oil changes. The production of oil changes relies on both capital (K) and labor (L) and is combined in the following production function F (K, L) = K L . Take the derivative of this production function with respect to capital. What is the marginal product of capital evaluated at (i.e. just plug in the numbers) 64 units of capital used and 16 units of labor? Type your answer...

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Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.