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Consider the production functionq=5L^(0.3) K^(0.5) The marginal product of labor isMPL=1.5L^(-0.7)K^(0.5)Assume that capital is fixed atin the short run. Derive the formula for the short-run
Consider the production functionq=5L^(0.3) K^(0.5) The marginal product of labor isMPL=1.5L^(-0.7)K^(0.5)Assume that capital is fixed atin the short run.
- Derive the formula for the short-run marginal product of labor (Hint: Substitute in the marginal product of labor function.)
- Graph the short-run average product of labor and the marginal product of labor on the same graph.
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Intermediate Microeconomics
Authors: Hal R. Varian
9th edition
978-0393123975, 393123979, 393123960, 978-0393919677, 393919676, 978-0393123968
