Question
The formula for Marginal Product of Labor is MPL = F(K, L + 1) - F(K, L). RIght? I am unclear how to calculate MPL
The formula for Marginal Product of Labor is MPL = F(K, L + 1) - F(K, L). RIght?
I am unclear how to calculate MPL if given Y (output). I am given a chart with L values and Y values. The first three L values are 1, 2, 3 and the corresponding first three Y values are 10, 19 and 27.
The answer key says the MPL for each one is 10, 9, 8 respectively, but I can't figure out how they got to those answers using the MPL formula.
Help?!
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Basic Econometrics
Authors: Damodar N. Gujrati, Dawn C. Porter
5th edition
73375772, 73375779, 978-0073375779
