**Transcription:**The marginal product of labor can be determined using the total product of labor curve.Using the equation for the production function,\[ q = 8LK + 5L^2 - \left(\frac{1}{3}\right)L^3, \]the level of output when L = 8 and K = 25 is $\_$. *(Enter a numeric response using a real number rounded to two decimal places).***Graph/Diagram Explanation:**The graph on the right is labeled "Production Function" and displays "Product Output (Q)" on the vertical axis and "Labor Input (L)" on the horizontal axis.- The curve is a blue line that slopes upward initially and then curves downward, showing a typical production function with increasing and then decreasing returns to labor input.- Important points are marked: - Point 1 is at L = 8 with a corresponding Q value slightly above 1,500, indicating the output level at this labor input. - Point 2 is at the peak of the curve, around L = 15, where Q is close to 3,000, showing the maximum output level before diminishing returns set in.Grid lines assist in identifying precise values on the axes.

The production function shows the relationship with the input used and output produced.There is…

The marginal product of labor can be determined using the total product of labor curve. Using the equation for the production function, q= 8LK + 5L² - (3) L³. the level of output when L=8 and K=25 is. (Enter a numeric response using a real number rounded to two decimal places). Product or Output (q) 3,500- 3,000- 2,500- 2,000+ 1,500- 1,000- 500- 0- 0 Production Function 1 is 2 15 10 15 Labor Input (L) 20 Q

The marginal product of labor can be determined using the total product of labor curve. Using the equation for the production function, q= 8LK + 5L² - (3) L³. the level of output when L=8 and K=25 is. (Enter a numeric response using a real number rounded to two decimal places). Product or Output (q) 3,500- 3,000- 2,500- 2,000+ 1,500- 1,000- 500- 0- 0 Production Function 1 is 2 15 10 15 Labor Input (L) 20 Q

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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