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*Please answers all questions and tables clearly* Jerusha, a woodworker, builds coffee tables using both labor ( L ) and tools (capital, or K ).
*Please answers all questions and tables clearly*
Jerusha, a woodworker, builds coffee tables using both labor (L) and tools (capital, or K). Her production function for coffee tables is a Cobb-Douglas production function: Q=4K0.5L0.5. Suppose that in the short-run, Jerusha only has 16 tools (K=16). Round your answers to the nears one-hundredth place (0.01).
a. What is Jerusha's short-run production function? (Solve where ? is)
Q= ?K0.5L0.5
b. Using Jerusha's short-run production function, fill in the following table:
Number of Workers | Total Product | Marginal Product | Average Product |
1 | |||
4 | |||
9 | |||
16 | |||
25 |
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