4. Consider the production function f(L, K) = L + K. Suppose the capital is fixed at K = 1. Compute the average product of labor AP, and the marginal product of labor MPL. Draw the two functions on the same graph.

4. Consider the production function f(L, K) = L + K. Suppose the capital is fixed at K = 1. Compute the average product of labor AP, and the marginal product of labor MPL. Draw the two functions on the same graph.

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter7: Production, Inputs, And Cost: Building Blocks For Supply Analysis

Section: Chapter Questions

Problem 8TY

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Question

4. Consider the production function f(L, K) = L + K. Suppose the capital is fixed at
K = 1.
Compute the average product of labor AP, and the marginal product of labor MPL.
Draw the two functions on the same graph.

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