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Part 2. Short Answer Questions (20 points) Question 1 (10 points) Suppose a firm's production function is given by: q = 6kostas. Suppose capital is
Part 2. Short Answer Questions (20 points) Question 1 (10 points) Suppose a firm's production function is given by: q = 6kostas. Suppose capital is fixed at 9 and the firm can hire labor as needed. a) What is the equation for the firm's short run production function? b) What is the equation for this firm's average product of labor? (Be sure to simplify) c) What is the equation for this firm's marginal product of labor? (Be sure to simplify) d) Fill in the table below. Use the equation found in part e when calculating MPL. MPI APL 4 9
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