A firm can manufacture a product according to the, Ask an Expert

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A firm can manufacture a product according to the production function:

Q = 100 K^3/4L^1/4

a. Calculate the APL when the level of capital is fixed at 16 units and the firm uses 16 units of labor. How does the APL change when the firm uses 81 units of labor?

b. Find an expression for the marginal product of labor, MPL, when the amount of capital is fixed at 16 units. Then illustrate that the MPL depends on the amount of labor hired by calculating the marginal product of labor for 16 and 81 units of labor.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92196114

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