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), where q is output, L is workers, and K is the fixed number of units of capital. Given a specific equation for production: or, when K = 29, Calculate the q = 8LK+ 5L² (3) ²³ q= (8L x 29) + 5L² · 52² - (37) ₁³. Average Product = q and enter the values in the table to the right. (Round your answers to the nearest integer.) Labor 0 2 4 6 8 10 12 Production Output or Marginal Product Product 0 481 987 1,500 2,005 2487 2,928 241 253 257 253 241 221 Average Product 241 247 251 249

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), where q is output, L is workers, and K is the fixed number of units of capital. Given a specific equation for production: or, when K = 29, Calculate the q = 8LK+ 5L² (3) ²³ q= (8L x 29) + 5L² · 52² - (37) ₁³. Average Product = q and enter the values in the table to the right. (Round your answers to the nearest integer.) Labor 0 2 4 6 8 10 12 Production Output or Marginal Product Product 0 481 987 1,500 2,005 2487 2,928 241 253 257 253 241 221 Average Product 241 247 251 249

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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