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Economists have considered the output y of a manufacturing process as a function of the size of the labor force n using the function y=kn^(p),w^(')
Economists have considered the output
y
of a manufacturing process as a function of the size of the labor force
n
using the function
y=kn^(p),w^(')
where
(dy)/(dn)(dy)/(dn)=(kp)/(n^(1-p))(dy)/(dn)=(dy)/(dn)=(dy)/(dn)=(kp)/(n^(1-p))0. The marginal product of labor, defined as (dy)/(dn), measures the, rate that output increases with the size of the labor force, and is a measure of labor productivity. Complete parts (a) and (b) below.\ (a) Show that (dy)/(dn)=(kp)/(n^(1-p)).\ By the (dy)/(dn)=\ By the
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