Suppose that the production function for the economy is: Y= AK"L Assume that A = 1,000, the capital stock is $32,000 bilion, and the labor force is 120 milion (or0.120 billion) workers. The value of the marginal product of labor isOA $14,290.17.OB. $17,043.29OC. $20,451.95.OD. $22,724.33.

We differentiate the production function with respect to labor, to get the marginal product of…

Suppose that the production function for the economy is: Y- AK"L Assume that A= 1,000, the capital stock is $32,000 billion, and the labor force is 120 milion (on 0.120 billion) workers. The value of the marginal product of labor is OA $14,290.17. OB $17,043 29 OC. $20,451.95. OD. $22,724.33.

Suppose that the production function for the economy is: Y- AK"L Assume that A= 1,000, the capital stock is $32,000 billion, and the labor force is 120 milion (on 0.120 billion) workers. The value of the marginal product of labor is OA $14,290.17. OB $17,043 29 OC. $20,451.95. OD. $22,724.33.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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