Q13. A firm uses only two inputs labor and capital to manufacture widgets. The firm's production function is given by = (, ) = ^0.5 ^0.5

1. Define the production function - what information does it convey?

2. How does the short-run differ from the long-run?

3. From the above equation write down the expression for

1. The total product of labor,

2. The average product of labor,

3. The marginal product of labor.

Are these long-run concepts?

Why or why not?

4. Suppose that in the short run the capital stock is fixed at 100, write down an expression for

i. the total product of labor

ii. the average physical product of labor