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Suppose that a firm currently has 100 machines available for its production process. Output per person-hour when 100 machines are used is described by the
Suppose that a firm currently has 100 machines available for its production process. Output per person-hour when 100 machines are used is described by the function: Q = -50 + 10L -0.02L- With using range total labour starting L = 10 to L = 80, calculate: a) Marginal product of labour b) Average product of labour c) Draw the MPL graph, refer to (a) d) Draw the APL graph, refer to (b) e) Which total numbers of labour is maximum? Explain it
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