Question: See attached image 4a. The production function for TVs is q(K,L) = 8K1/L1/4 where K=capital and L=labor. The firm has three units of capital (K=3)

See attached image

4a. The production function for TVs is q(K,L) = 8K1/L1/4 where K=capital and L=labor. The firm has three units of capital (K=3) which it cannot change. Calculate the marginal productivity of labor if the firm goes from 2 to 3 workers. Explain your answer carefully to the manager who is not familiar with what the marginal productivity of labor means. 4b. Last year the price of watermelon was $2.92 and Nancy bought 4 watermelons. This year the price of watermelon is $3.27 and she bought 3 watermelons. Calculate the own price elasticity of demand for watermelon. Explain your answer to the farmer who supplies the watermelon

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