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Assume that the production function has the standard Cobb-Douglas form, with the technology parameter (A)=2, capital (K)=10,000, and labor (L)=25.Continuing the previous question, with (A)=2,
Assume that the production function has the standard Cobb-Douglas form, with the technology parameter (A)=2, capital (K)=10,000, and labor (L)=25.Continuing the previous question, with (A)=2, (K)=10,000, (L)=25 and labor's share = 1/2. What is the marginal product of labor (MPL) in this economy? A.) 2. B.) 10. C.) 20. D.) 250. E.) None of the above, or we are not given enough information to answer the question.
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