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
icon
Related questions
Question

I can't do this question. Please help. thank you!

Question 4
Consider the production function Y = = f(L) = e¹ (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.
Transcribed Image Text:Question 4 Consider the production function Y = = f(L) = e¹ (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.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

Blurred answer
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question

'' 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 eLwhy is not (2L + L- 8 ) * e= 0

Solution
Bartleby Expert
SEE SOLUTION
Knowledge Booster
Correlation Coefficient
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,
MACROECONOMICS FOR TODAY
MACROECONOMICS FOR TODAY
Economics
ISBN:
9781337613057
Author:
Tucker
Publisher:
CENGAGE L
Economics For Today
Economics For Today
Economics
ISBN:
9781337613040
Author:
Tucker
Publisher:
Cengage Learning