1. A firm's production function is Q = 50L – 0.01L , where L denotes the size of the workforce. Find the value of MPL in the case when: (a) L=1, (b) L=10, (c) L=100, (d) L=1000 Does the law of diminishing marginal productivity apply to this particular

1. A firm's production function is Q = 50L – 0.01L , where L denotes the size of the workforce. Find the value of MPL in the case when: (a) L=1, (b) L=10, (c) L=100, (d) L=1000 Does the law of diminishing marginal productivity apply to this particular

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1. A firm's production function is
Q = 50L – 0.01Ľ , where L denotes the
size of the workforce. Find the value of
MPL in the case when:
(a) L=1, (b) L=10, (c) L=100, (d)
L=1000
Does the law of diminishing marginal
productivity apply to this particular
function?

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