1. A firm can manufacture a product according to the production function Q = F(K, L) = K 3/4 L 1/4 a. Calculate the average product of labor, LP, when the level of capital is fixed at 10 units and the firm uses 50 units of labor. How does the average product of labor change when the firm uses 170 units of labor? b. Find an expression for the marginal product of labor, MP, when the amount of capital is fixed at 10 units. Then illustrate that the marginal product of labor depends on the amount of labor hired by calculating the marginal product of for 10 and 50 units of labor. c. Suppose capital is fixed at 50 units. If the firm can sell its output at a price of $210 per unit and can hire labor at $55 per unit, how many units of labor should the firm hire in order to maximize profits?

1. A firm can manufacture a product according to the production function Q=F(K,L)=K3/4L1/4 a. Calculate the average product of labor, LPL, when the level of capital is fixed at 10 units and the firm uses 50 units of labor. How does the average product of labor change when the firm uses 170 units of labor? b. Find an expression for the marginal product of labor, MPL, when the amount of capital is fixed at 10 units. Then illustrate that the marginal product of labor depends on the amount of labor hired by calculating the marginal product of for 10 and 50 units of labor. c. Suppose capital is fixed at 50 units. If the firm can sell its output at a price of $210 per unit and can hire labor at $55 per unit, how many units of labor should the firm hire in order to maximize profits