Question: ( 4 points ) Suppose the production function for a fastfood restaurant is given by Q = 1 2 K 0 . 5 L 0
points Suppose the production function for a fastfood restaurant is given by
Q KL where Q is the number of meals served per day, K is the amount of capital
employed, and L is the number of workers employed.
a What is the firms output if K and L
b Write the equation for the firms short run production function when K
c Write the equation for the firms short run average product of labor when K
d Calculate the average product of labor when L and K Round to the nearest whole
number.
points Complete the table below. K is fixed.
Units of capital, K Units of labor, L Output, Q
Marginal
product of labor
Average
product of labor
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