Question
A firm applies a production technology to produce units of output (q) according to the production function q = 20 x L^.5 x K^.5 ,
A firm applies a production technology to produce units of output (q) according to the production function q = 20 x L^.5 x K^.5 , where L is a variable input and K is a fixed input. Assume K = 100 in the short run.
solve for the short-run average product of labor (AP L) and the marginal product of labor (MP L) functions. If L = 100, what are the numerical values of AP L and MP L?
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Microeconomics
Authors: Douglas Bernheim, Michael Whinston
2nd edition
73375853, 978-0073375854
