n 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 he short-run, the firm's production function is q = f(L,K), q = 6LK + 7L2 - 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? MP = (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.) For example, if L= 5 and K= 23, then the marginal product of labor equals MP = (Enter a numeric response using an integer.) If L =9 and K= 23, then the marginal product of labor equals MP = (Enter a numeric response using an integer.)
n 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 he short-run, the firm's production function is q = f(L,K), q = 6LK + 7L2 - 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? MP = (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.) For example, if L= 5 and K= 23, then the marginal product of labor equals MP = (Enter a numeric response using an integer.) If L =9 and K= 23, then the marginal product of labor equals MP = (Enter a numeric response using an integer.)
Chapter7: Production And Cost In The Firm
Section: Chapter Questions
Problem 3.7P
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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),
q = 6LK + 7L2 –
where g is output, Lis 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?
MP, =. (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.)
For example, if L = 5 and K= 23, then the marginal product of labor equals
MP, =. (Enter a numeric response using an integer.)
If L=9 and K= 23, then the marginal product of labor equals
MP, =. (Enter a numeric response using an integer.)
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