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Economics

a. Consider the production relationship between total product (Q) and units of labor (L) employed that is presented in the table below. What is the average and marginal product of the 6th worker?

L 1, 2, 3, 4, 5, 6, 7, 8, 9

Q 3, 7, 13, 17, 20, 22, 23, 23, 22

b. Find the marginal product of capital at K=5 when you use 10 workers (units of labor) from the following production function: Q=5 * K^0.6 * L^0.6

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92188362

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