Question 18 Consider a firm that has production function f(L,K)=4L2/3K1/3. What is the expression...
Question:
Question 18 Consider a firm that has production function f(L,K)=4L2/3K1/3. What is the expression for this firm's Marginal Product of labor?
Marginal Product of Labor:
It refers to addition to total output when one extra unit of labor is employed. It can be calculated by partially differentiating the production function with respect to labor:
Answer and Explanation:
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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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