Suppose that the production function were Y = A K1/4L3/4. Assume that A = 100,000, and that
Question:
a. Find the marginal product of labor.
b. Graph the marginal product of labor.
c. Graph the production function, putting labor on the horizontal axis and assuming that capital is constant.
d. What would happen to the marginal product of labor and the production function if the capital stock increased to 20,000?
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a MPL 750000L 14 bHolding technology and capital constant when L 1 the MPL 750000 As L increa...View the full answer
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Related Book For
Macroeconomics
ISBN: 9780132109994
1st Edition
Authors: Glenn Hubbard, Anthony Patrick O'Brien, Matthew P Rafferty
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