Question
A certain production process uses 2 inputs: labor (L) and capital (K). The production function is given by: F ( L , K ) =
A certain production process uses 2 inputs: labor (L) and capital (K).
The production function is given by:
F(L,K)=6L2K20.1L3K3 Assume further that capital (K) is fixed at 10 units. a) Determine the Total Production function (TPL) of labor. b) Determine the Average Production Function (APL) of labor. Answer the following 2 questions knowing that the marginal product of labor (MPL) is: MPL=1200L300L2 c) Find the number of workers that maximizes the total production function d) Find the number of workers that maximizes the average production function.
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The Economics Of The Sulphur Industry
Authors: Jared E Hazleton
1st Edition
1317353927, 9781317353928
