In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q =f(L,K), q=6LK+4L² ²-(3) ₁². where q is output, L is workers, and K is the fixed number of units of capital. What is the marginal product of labor as a function of L and K? MPL = (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the character.)
In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q =f(L,K), q=6LK+4L² ²-(3) ₁². where q is output, L is workers, and K is the fixed number of units of capital. What is the marginal product of labor as a function of L and K? MPL = (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the character.)
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter7: Production Economics
Section: Chapter Questions
Problem 5E
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![In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q = f(L,K),
- ²³.
q=6LK +4L²
where q is output, L is workers, and K is the fixed number of units of capital.
What is the marginal product of labor as a function of L and K?
MPL = (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the ^ character.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1858a710-c111-4513-9004-6c10bf7d1d6e%2F3bdc2d57-8150-4e72-84b2-9ee85e948bb4%2Fu3touwp_processed.png&w=3840&q=75)
Transcribed Image Text:In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q = f(L,K),
- ²³.
q=6LK +4L²
where q is output, L is workers, and K is the fixed number of units of capital.
What is the marginal product of labor as a function of L and K?
MPL = (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the ^ character.)
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