WebSuppose the production function for a firm is given by Q=2KL. The firm's cost function is given by C=wL+rK. (a) Find the marginal product of labor, MPL, and the marginal product of capital, MPK (2 points) (b) Do the marginal products of labor and capital exhibit diminishing marginal product? Webwhere MPL is the marginal product of labor, MPK is the marginal product of capital, w is the wage rate, and r is the rental rate. Using the production function F ( L, K) = L 4 K 2, we can derive the marginal products of labor and capital as follows: M P L = 4 L 3 K 2 M P K = 2 L 4 K 3 Substituting w = 2 and r = 4, we have:
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Web2 18 8 80 3 23 5 50 4 27 4 40 The marginal product of labor (MPL) is calculated in the third column, using the following formula: MPL = Δ(Number of cakes)/ΔL b. Yes, the marginal product of labor declines as more bakers are hired. c. The marginal revenue product of labor (MRPL) is calculated in the fourth column, using the following formula: WebSuppose the marginal product of labor is 8 and the marginal product of capital is 2. If the wage rate is $4 and the price of capital is $2, then in order to minimize costs the firm should use a. More capital and less labor b. more labor and less capital c. three times more capital than labor d. one half as much labor as capital thomas e brown obituary
Solved Let \( L \) represent the quantity of labor and let - Chegg
WebFeb 14, 2024 · Answer: 10 Explanation: The margin product of labor (MPN) = 200 - 0.5N Aggregate quantity of labor supplied, N = 300 + 8w Note: In labor market equilibrium, … WebA firm maximizes profits for the quantity of labor input that implies that the marginal product of labor is equal to the real wage rate. e. A firm maximizes profits for the quality of labor input that implies that the marginal product of labor is less than the real wage rate. WebSuppose the marginal product of labor is MPN = 200 - 0 where N is aggregate employment. The aggregate quantity of labor supplied is 100 + 4w, where w is the real wage. The government imposes a minimum wage of 60. How much unemployment will this create among unskilled labor? A) 0 B) 60 C) 80 D) 100 Answer: B Diff: 3 Topic: Section: 3. ufiling contact