5. This is the sequel to a question on the previous P-set that used this aggregate production function Y = A x VK x VL For this entire problem assume A = 2. Fill in the table below showing the marginal product of labor (MPL) for each level of capital and labor. MPL when K = 3 MPL when K = 5 4 7 What is the MPL when K = 3 and L = 7?

5. This is the sequel to a question on the previous P-set that used this aggregate production function Y = A x VK x VL For this entire problem assume A = 2. Fill in the table below showing the marginal product of labor (MPL) for each level of capital and labor. MPL when K = 3 MPL when K = 5 4 7 What is the MPL when K = 3 and L = 7?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2. Suppose the production function for widgets is given by: f (K, L) 2* KL - K2/2- L2/2 Q 1 (a) Suppose L-5 (is fixed), derive an expression for and graph the total product of capital curve (the production function for a fixed level of labor) and the average productivity of capital curve. (b) At what level of capital input does the average productivity reach a maximum? How many widgets are produced at this point? (c) Again, assuming L=5, derive an expression for and graph the MPK curve. At what level of capital input does MPK =0? (d) Does this production function exhibit constant, increasing or decreasing returns to scale?
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