Consider the production function q=5L^(0.3) K^(0.5) The marginal product of labor is MPL=1.5L^(-0.7)K^(0.5) . Assume that...

Consider the production function q=5L^(0.3) K^(0.5) The marginal product of labor is MPL=1.5L^(-0.7)K^(0.5) . Assume that capital is fixed at in the short run.

Derive the formula for the short-run total product and graph it. (Hint: Substitute in the production function

Derive the formula for the short-run average product of labor (Hint: Divide the short-run total product by)

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Expert Solution

Rahul Sunny answered 1 year ago

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