Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

n can manufacture a product according to the production function: L,L) = K3/4L1/4. ate the average product of labor , APL , when the level

image text in transcribed
image text in transcribed
n can manufacture a product according to the production function: L,L) = K3/4L1/4. ate the average product of labor , APL , when the level of capital is fixed at 81 units and uses 16 units of labor. In :Round your responses to 3 decimal places . the average product of labor when the firm uses 256 units of labor '2' an expression for the marginal product of labor , MPL , when the amount of capital is 81 units . n :The second response is the exponent on L in the expression .Round your responses to 1 places . *LA lustrate that the marginal product of labor depends on the amount of labor hired by ing the marginal product of labor for 16 and 81 units of labor. n :Round your responses to 3 decimal places . hen L 16: hen L 81: se capital is fixed at 81 units . If the rm can sell its output at a price of $200 per unit hire labor at $50 per unit , how many units of labor should the firm hire in order to profits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

E Marketing

Authors: Raymond Frost

7th Edition INTERNATIONAL EDITION

0132953443, 978-0132953443

More Books

Students also viewed these Economics questions

Question

Explain the various techniques of Management Development.

Answered: 1 week ago

Question

3. Im trying to point out what we need to do to make this happen

Answered: 1 week ago