Question: 3.3. Suppose that the production function is q = L0.75K0.25. a. What is the average product of labor, holding capital fixed at K? A b.

3.3. Suppose that the production function is q = L0.75K0.25.

a. What is the average product of labor, holding capital fixed at K? A

b. What is the marginal product of labor? (Hints:

See Solved Problem 6.1. Calculate how much q changes as L increases by 1 unit for a particular pair of K and L, use calculus, or see Appendix 6C.) C

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