1. Consider the production function Q-K³/4 L?/4 Further suppose that capital is fixed at 16 units. Answer the following questions: a. Find Q when L -16 units. What is the output (Q) when L increases to 81 units? e b. Find the average product of labor when L when L increases 81 units? 16 units. What is the average product of labor c. Find the marginal product of labor when L when L increases 81 units? - 16 units. What is the marginal product of labor

1. Consider the production function Q-K³/4 L?/4 Further suppose that capital is fixed at 16 units. Answer the following questions: a. Find Q when L -16 units. What is the output (Q) when L increases to 81 units? e b. Find the average product of labor when L when L increases 81 units? 16 units. What is the average product of labor c. Find the marginal product of labor when L when L increases 81 units? - 16 units. What is the marginal product of labor

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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