seThe marginal product of labor can be determined using the total product of laborProduction Functioncurve.3,500-seUsing the equation for the production function,3,000-32q= 8LK + 5L2 –2,500-seethe level of output when L= 5 and K= 25 is (Enter a numeric response using2,000-a real number rounded to two decimal places).31,500-When labor is 5 units and K is 25, the marginal product of labor is11,000***When labor increases to 12 units and K is 25, the marginal product of labor is500-121015Labor Input (L)152025DEC25tv20MacBook AirDIISOF10F11F9F3F4*%23$&468{}EYUPDFGнJK>CVNMcommandoption- -... .-VProduct or Output (g)BR

Given: Production Function q=8LK+5L2-13L3 where L is labor given as 5 units K is capital given as…

The marginal product of labor can be determined using the total product of labor Production Function curve. 3,500- Using the equation for the production function, 3,000- q= BLK + 5L2 - 2,500- the level of output when L=5 and K= 25 is I (Enter a numeric response using a real number rounded to two decimal places). 2,000- 1,500- When labor is 5 units and K is 25, the marginal product of labor isO 1 1,000- When labor increases to 12 units and K is 25, the marginal product of labor isO 500- 15 12 10 15 20 25 Labor Input (L) 2. (b) indino Product

The marginal product of labor can be determined using the total product of labor Production Function curve. 3,500- Using the equation for the production function, 3,000- q= BLK + 5L2 - 2,500- the level of output when L=5 and K= 25 is I (Enter a numeric response using a real number rounded to two decimal places). 2,000- 1,500- When labor is 5 units and K is 25, the marginal product of labor isO 1 1,000- When labor increases to 12 units and K is 25, the marginal product of labor isO 500- 15 12 10 15 20 25 Labor Input (L) 2. (b) indino Product

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Given that the level of labour is 10, the total production is 1,200, and the marginal product of labour is 200, what is the average product of labour?
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Kindly answer this one, thank you
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