Suppose the production function for widgets is given by: Q = KL - 0.8K² - 0.2L² where Q represents the quantity of widgets produced, K represents the annual capital input and L represents annual labor input. a) For K = 10, what is the average productivity of labor equal to? b) At what level of labor input does this average productivity reach a maximum? How many widgets are produced at this point? c) Again assuming that K = 10, what is the marginal product of labor equal to?

Suppose the production function for widgets is given by: Q = KL - 0.8K² - 0.2L² where Q represents the quantity of widgets produced, K represents the annual capital input and L represents annual labor input. a) For K = 10, what is the average productivity of labor equal to? b) At what level of labor input does this average productivity reach a maximum? How many widgets are produced at this point? c) Again assuming that K = 10, what is the marginal product of labor equal to?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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