Question
Suppose the production function is Q=20k l and the value of capital is 144. Calculate the total product for the following values of labour input:
Suppose the production function is Q=20k l and the value of capital is 144. Calculate the total product for the following values of labour input: 1, 10, 40, and 50. Calculate the average product at each of these levels of output. Calculate the marginal product over the respective ranges of output.
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Macroeconomics Canada in the Global Environment
Authors: Michael Parkin, Robin Bade
8th edition
321778103, 978-0321808370, 321808371, 978-0321778109
