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In the short-run, we assume that capital is a xed input and labor is a variable input, so the rm can increase output only by
In the short-run, we assume that capital is a xed input and labor is a variable input, so the rm can increase output only by increasing the amount of labor it uses. In the short-run, the rm's production function is q =f(L,K), 1 q =8LK+3L2 [5] L3, where q is output, L is workers, and K is the xed number of units of capital. What is the marginal product of labor as a function of L and K? MPL = . (Property format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. 59., a superscript can be created with the A character.) For example, if L = 5 and K = 25, then the marginal product of labor equals MPL = . (Enter a numeric response using an integer.) If L =10 and K = 25, then the marginal product of labor equals MPL = . (Enter a numeric response using an integer.)
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