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
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Transcribed Image Text: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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