Please give me correct and accurate naswer with proper calculationNote:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output onlyby increasing the amount of labor it uses. In the short-run, the firm's production function is q= f(L,K),q=7LK +4L² - (-3) L³,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 keyboardshortcuts. E.g., a superscript can be created with the character.)

A production function describes the correlation between inputs and outputs in the production…

Answered: In the short-run, we assume that…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please give me correct and accurate naswer with proper calculation

Note:-

Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.

Answer completely and accurate answer.

Rest assured, you will receive an upvote if the answer is accurate.

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=7LK +4L² - (-3) L³,
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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