Suppose a firm’s short-run production function is given by 𝑄𝑄 = 16𝐿𝐿0.8. What is the marginal product ofthe fourth worker?
Question
Solution 1
The marginal product of labor (MPL) is the additional output that is produced when one more unit of labor is added, holding all other inputs constant. It is calculated by taking the derivative of the production function with respect to labor (L).
The production function given is Q = 16L^0.8.
To fi Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI
Similar Questions
Suppose a firm’s short-run production function is given by 𝑄𝑄 = 16𝐿𝐿0.8. What is the marginal product ofthe fourth worker?a) 36b) 10c) 49d) 1.85
A short run production function refers to production where at least one input is fixed
The marginal cost function of manufacturing x units of a product is 5+16x – 3x2 . The total cost of producing 5 items is GHC500. Find the total cost
The Cobb–Douglas production function Y = K2/3 L1/3 can be rearranged into the output per worker function:y = k1/3.y = k2/3.y = k3.y = k2.
The marginal cost function for producing x units is 3x2 – 200x +1500 rupees. Find the increase in cost if production is increasedfrom 90 to 100 units.
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.