A firm has a short run production function: Q = 16L^(1/2) where q = units of output, L = units of labor. Write down an expression for the marginal product of labor (MPL) and evaluate q and MPL for L = 9, L = 16, L = 36 and L = 100. On separate graphs, sketch q in terms of L and sketch MPL in terms of L. Confirm that the short run production function satisfies the law of diminishing returns.
A firm has a short run production function: Q = 16L^(1/2) where q = units of output, L = units of labor. Write down an expression for the marginal product of labor (MPL) and evaluate q and MPL for L = 9, L = 16, L = 36 and L = 100. On separate graphs, sketch q in terms of L and sketch MPL in terms of L. Confirm that the short run production function satisfies the law of diminishing returns.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A firm has a short run production function:
Q = 16L^(1/2)
where q = units of output, L = units of labor.
Write down an expression for the marginal product of labor (MPL) and evaluate q and MPL for L = 9, L = 16, L = 36 and L = 100. On separate graphs, sketch q in terms of L and sketch MPL in terms of L. Confirm that the short run production function satisfies the law of diminishing returns.
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