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Production Function for Good X L⭑ K ୧ Labor Capital Output MPK = (AQ/AK) Marginal Product of Capital APK = (Q/K) Average Product of Capital 9 0 0 9 10 57 5.7 5.70 9 20 324 26.7 16.20 9 30 657 33.3 B 9 40 1,072 41.5 26.80 9 50 1,524 45.2 30.48 9 60 1,976 45.2 32.93 9 70 2,391 41.5 34.16 9 80 2,724 33.3 34.05 9 90 2,991 A 33.23 9 100 3,048 5.7 30.48 9 110 3,016 -3.2 27.42 9 120 2,945 -7.1 24.54 O a. long run, since K is the fixed input. O b. long run, since K is the variable input. O c. short run, since L is the variable input. O d. short run, since L is the fixed input.

Production Function for Good X L⭑ K ୧ Labor Capital Output MPK = (AQ/AK) Marginal Product of Capital APK = (Q/K) Average Product of Capital 9 0 0 9 10 57 5.7 5.70 9 20 324 26.7 16.20 9 30 657 33.3 B 9 40 1,072 41.5 26.80 9 50 1,524 45.2 30.48 9 60 1,976 45.2 32.93 9 70 2,391 41.5 34.16 9 80 2,724 33.3 34.05 9 90 2,991 A 33.23 9 100 3,048 5.7 30.48 9 110 3,016 -3.2 27.42 9 120 2,945 -7.1 24.54 O a. long run, since K is the fixed input. O b. long run, since K is the variable input. O c. short run, since L is the variable input. O d. short run, since L is the fixed input.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Production Function for Good X L⭑ K ୧ Labor Capital Output MPK = (AQ/AK) Marginal Product of Capital APK = (Q/K) Average Product of Capital 9 0 0 9 10 57 5.7 5.70 9 20 324 26.7 16.20 9 30 657 33.3 B 9 40 1,072 41.5 26.80 9 50 1,524 45.2 30.48 9 60 1,976 45.2 32.93 9 70 2,391 41.5 34.16 9 80 2,724 33.3 34.05 9 90 2,991 A 33.23 9 100 3,048 5.7 30.48 9 110 3,016 -3.2 27.42 9 120 2,945 -7.1 24.54 O a. long run, since K is the fixed input. O b. long run, since K is the variable input. O c. short run, since L is the variable input. O d. short run, since L is the fixed input.
Transcribed Image Text:Production Function for Good X L⭑ K ୧ Labor Capital Output MPK = (AQ/AK) Marginal Product of Capital APK = (Q/K) Average Product of Capital 9 0 0 9 10 57 5.7 5.70 9 20 324 26.7 16.20 9 30 657 33.3 B 9 40 1,072 41.5 26.80 9 50 1,524 45.2 30.48 9 60 1,976 45.2 32.93 9 70 2,391 41.5 34.16 9 80 2,724 33.3 34.05 9 90 2,991 A 33.23 9 100 3,048 5.7 30.48 9 110 3,016 -3.2 27.42 9 120 2,945 -7.1 24.54 O a. long run, since K is the fixed input. O b. long run, since K is the variable input. O c. short run, since L is the variable input. O d. short run, since L is the fixed input.
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