Question: Suppose a firm's production function is given by q = L2K.What is the firm's Marginal Product of Labor when L = 3 and K =

Suppose a firm's production function is given by q = L2K.What is the firm's Marginal Product of Labor when L = 3 and K = 8?Round your answer to 2 decimal places.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Suppose the linear production function is given by Q= 4K + 8L What is the marginal product of capital when the firm uses 10 units of capital and 10 units of labor? What is the AP of labor if 3 units...

Suppose the production function is given by Q = 5.2K + 3.8L. What is the marginal product of labor when 16 units of capital and 12 units of labor are employed? 8.05 5.2 3.8 10.73

Suppose the production function is given by Q = 3K + 4L. What is the marginal product of capital when 10 units of capital and 10 units of labor are employed?

1. Bob's electronic bike shop's production function is given by q = -5 L 3 + 20L 2 +10L. The marginal product of labor is A) MP = 10 + 40L -15L 2 B) MP = 10 + 20L -5L 2 C) MP = 10L D) MP = 10 + 20L...

Suppose that a firm's production function is: q= 10L0.560.5 Using calulus we know that its marginal product functions are: .5, 0.5 5K0.5L MP = = 0.5g/L and MPK = 5L 0.5/K0.5 = 0.5g/K. The cost of a...

1. Consider a firm in the short run, when capital is fixed and the only variable input is labor. For simplicity, we will simply ignore capital. In this situation, suppose that the firms production...

1.6. Suppose that a firms production function is given by Q = 12L L2, for L = 0 to 6, where L is labor input per day and Q is output per day. Derive and draw the firms demand for labor curve if the...

stion 6: Suppose that a firm's production function is given by Q = K0.33 0.67 ompute the marginal product of capital (MPK) ompute the marginal product of labor (MP,) hy would MP, change as K changes?...

Suppose that a firm's production function is given by Q = K0.33L0.67, where MPK = 0.33 K- 0.67L0.67 and MPL = 0.67K0.33L- 0.33. a. As L increases, what happens to the marginal product of labor? b. As...

Non-Calculus Problems: 6. Suppose that a firm's production function is given by Q = 0-3310.67, where MP. = 0.33K 0.6710.67 and MP, = 0.67K0-33 L-0.33 a. As L increases, what happens to the marginal...

Choices for drop down boxes: Perfectly competitive = Yes, No Number of Firms = Many, Few, One Type of Product = Identical, Differentiated, Identical or differentiated, Unique Ease of Entry = High,...

In regression analysis, what should the residuals be plotted against?

1 . Understand the information provided by the balance sheet. 2 . Identify asset, liability, and stockholders' equity accounts reported on the balance sheet. 3 . Understand the accounting...

Case Pricing Police: An activity-based costing model of police servicesn n What other data would have been helpful for this case? Role-playing as the decision-maker in the case, what do you decide to...

Assume that the continuously compounded zero rate curve is t re(0, t) = 0.02 +0.01- 1 + t (i) find the instantaneous interest rate curve; (ii) compute the corresponding annually compounded zero rate...

What do you believe are the significant achievements in modern public health programs? Explain fully and support with data in your own words. Do not copy and paste from the book.

Go to the Medicare Learning Network (MLN) Suite of Products and Resources for Billers at http://EHR2.ParadigmEducation.com/MLNBillers and explore the Medicare Learning Network. Identify three...

Project: You have been appointed as a project manager for a large software development project in a multinational organization. Your project involves developing a new customer relationship management...

What are the key/core considerations and impact of participatory media consumption occurring for Tim Hortons in digital spaces? What behaviors are changing/growing/evolving there?

The senders expertise; certification, i.e. the senders educational background

Context, i.e. the context of the information presented and received

1. To gain insight into why we believe more in one type of information than another.