Question

Consider the production function Q = 20 K1/2 L 1/2. The firm operates in the short run with 16 units of capital.
a. The firm’s short-run production function is Q = __________________.
b. The average product of labor function is AP = ___________________.
c. The marginal product of labor function is MP = __________________.
d. Show that marginal product diminishes for all levels of labor usage.



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  • CreatedNovember 18, 2014
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