Consider the production function is q = L^0.6 + 4K. A) Starting from the input combination...
Question:
Consider the production function is {eq}q = L^{0.6} + 4K {/eq}.
A) Starting from the input combination (10,10), calculate the marginal product of adding one worker.
B) What is the marginal product of adding another worker?
C) Is the marginal product of labor increasing or decreasing?
Marginal Product of Labor:
The marginal product of labor is the change in the quantity of output produced resulting from a unit change in labor input used. We obtain the marginal product of labor by taking the first-order partial derivative of the production function with respect to labor.
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{eq}q = L^{0.6} + 4K {/eq}
A) Starting from the input combination (10,10), calculate the marginal product of adding one worker.
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Marginal Product of Labor: Definition, Formula & Example
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Chapter 3 / Lesson 49
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Understand the meaning of marginal product of labor. Learn the marginal product of labor (MPL) formula, its significance, and how to calculate MPL with examples.
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