The marginal product of labor can be determined using the total product of labor curve. Using the equation for the production function, q = 8LK + 5L^2 - (1/3) L^3, the level of output when L = 8 and K = 25 is. (Enter a numeric response using a real number rounded to two decimal places).

When labor is 8 units and K is 25, the marginal product of labor is?

When labor increases to 12 units and K is 25, the marginal product of labor is?

Transcribed Image Text:

Product or Output (q) 3,500 3,000+ 2,500- 2,000- 1,500- 1,000- 500- Production Function 5 1 10 2 15 10 15 Labor Input (L) 20 + 25 Product or Output (q) 3,500 3,000+ 2,500- 2,000- 1,500- 1,000- 500- Production Function 5 1 10 2 15 10 15 Labor Input (L) 20 + 25

Answer rating: 100% (QA)

q 8LK 5L 2 13L 3 MPL 8K 52L 313L 2 MPL 8K 10L L 2 When L10 and K25 Then q 8... View the full answer