Question 4 Consider the production function Y = ƒ (L) = e¹¹ (L² − 8) where Y = units of output, L = units of labour (a) Calculate marginal product of labour f'(L). (b) Measuring L on X-axis and Y on the Y-axis, locate the stationary points, giving the exact L and Y coordinates. (c) Use the second derivatives test to classify the stationary points. (d) Find the equation of the normal to the curve at the positive L-intercept.
Question 4 Consider the production function Y = ƒ (L) = e¹¹ (L² − 8) where Y = units of output, L = units of labour (a) Calculate marginal product of labour f'(L). (b) Measuring L on X-axis and Y on the Y-axis, locate the stationary points, giving the exact L and Y coordinates. (c) Use the second derivatives test to classify the stationary points. (d) Find the equation of the normal to the curve at the positive L-intercept.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter1: Introducing The Economic Way Of Thinking
Section1.A: Applying Graphs To Economics
Problem 7SQ
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'' Setting f'(L) = 0:
(2L + L2 - 8) * eL = 0
To find the exact L coordinates, we need to solve the equation (2L + L2 - 8) = 0. The solutions to this quadratic equation will give us the L values for the stationary points. ''
why didn't you do a quadratic equation with the eL, why is not (2L + L2 - 8 ) * eL = 0
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