A firm's production function is 0=50L – 0.01Ľ' , where L denotes the size of the workforce. Find the value of MP 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?

A firm's production function is 0=50L – 0.01Ľ' , where L denotes the size of the workforce. Find the value of MP 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?

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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1. A firm's production function is 0=50L – 0.01Ľ, where L
denotes the size of the workforce. Find the value of MP,
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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