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Consider the production function f(L,K)=L+K. Suppose K is fixed at 2. For this function, the marginal product of labor, MP(L), is 1. (a) Find the
Consider the production function f(L,K)=L+K. Suppose K is fixed at 2. For this function, the marginal product of labor, MP(L), is 1. (a) Find the algebraic expression for the average product of labor AP(L). (b) Graph the total product of labor function TP(L), the average product of labor AP(L), and the marginal product of labor MP(L). Does your answer to part b violate the rule describing the relationship between average and marginal values? Explain.
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