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In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by
In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q = f(L,K), where q is output, L is workers, and K is the fixed number of units of capital. Labor Average Product Production Output or Marginal Product Product 0 385 193 795 205 1,212 209 Given a specific equation for production: 193 199 9 = 8LK + 5L2 L3 or, when K = 23, 1,621 2007 2,352 10 12 205 193 173 203 201 9 = (8L x 23) + 5L2 3 3 Calculate the Average Product = al and enter the values in the table to the right. (Round your answers to the nearest integer.)
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