Consider the following production function: q = f(K, N) = 4KN, where q is output, the two inputs are capital K and labor N. For this production function, what is the marginal product of labor (MPN)? part 1
Consider the following production function: q = f(K, N) = 4KN, where q is output, the two inputs are capital K and labor N. For this production function, what is the marginal product of labor (MPN)? part 1
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 3SQP
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![Consider the following production function:
q = f(K, N) = 4KN,
where q is output, the two inputs are capital K and labor N.
For this production function, what is the marginal product of labor (MPN)?
part 1
O MPN = 4
O MPN = 4N
O MPN = 4/N
MPN = 4K/N
O MPN = 4K
For this production function, which of the following statements is true?
part 2
Capital and labor are substitutes.
There is diminishing marginal product of labor.
There is diminishing marginal product of capital.
Capital and labor are complements.
O None of the above.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F42fcb475-4ab6-438b-b6b2-a29b13958a9b%2F955124b2-c768-4288-8a0b-852c875589d2%2Fza5um18_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Consider the following production function:
q = f(K, N) = 4KN,
where q is output, the two inputs are capital K and labor N.
For this production function, what is the marginal product of labor (MPN)?
part 1
O MPN = 4
O MPN = 4N
O MPN = 4/N
MPN = 4K/N
O MPN = 4K
For this production function, which of the following statements is true?
part 2
Capital and labor are substitutes.
There is diminishing marginal product of labor.
There is diminishing marginal product of capital.
Capital and labor are complements.
O None of the above.
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