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A firm can manufacture a product according to the production function: Q = F(K, L) = k^3/4L^1/4. Calculate the average product of labor. AP_L, when
A firm can manufacture a product according to the production function: Q = F(K, L) = k^3/4L^1/4. Calculate the average product of labor. AP_L, when the level of capital is fixed at 81 units and the firm uses 16 units of labor. Instruction: Round your responses to 3 decimal places. What is the average product of labor when the firm uses 256 units of labor? Find an expression for the marginal product of labor, MP_L, when the amount of capital is fixed at 81 units. Instruction: The second response is the exponent on L in the expression. Round your responses to 2 decimal places. MP_L = astir L^Then, illustrate that the marginal product of labor depends on the amount of labor hired by calculating the marginal product of labor for 16 and 81 units of labor. Instruction: Round your responses to 3 decimal places. MP_L when L = 16: MP_ when L = 81: Suppose capital is fixed at 81 units. If the firm can sell its output at a price of dollar 200 per unit and can hire labor at dollar 50 per unit how many units of labor should the firm hire in order to maximize profits? Instruction: Enter your response as a whole number
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