A firms production function is Q 50L 0 01L 2 where L denotes the size of the workforce Find the value of MPL in the case when (a) L 1 (b) L 10 (c) L 100 (d) L 1000 Does the law of diminishing marginal productivity apply to this particular function ...

A firms production function is Q = 50L 0.01L 2 where L denotes the size of

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A firm’s production function is Q = 50L − 0.01L²where L denotes the size of the workforce. Find the value of MPL in the case when
(a) L = 1

(b) L = 10

(d) L = 1000
Does the law of diminishing marginal productivity apply to this particular function?

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Mathematics for Economics and Business

ISBN: 978-1292191669

9th edition

Authors: Ian Jacques

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Question Posted: Apr 18, 2019 09:23 AM

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A firms production function is Q = 50L 0.01L 2 where L denotes the size of

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