If the production function is given by Q = 300?L - 4L, where Q denotes output and L denotes the size of the workforce, calculate the value of marginal product of labour if L = 9. A. 16 B. 146 C. 11 D. 46
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To do this, we will take the derivative of the production function Q with respect to L. Q = 300√L - 4L Now, let's find the derivative dQ/dL: dQ/dL = (300 * (1/2) * L^(-1/2)) - 4 Now, we need to find the value of MPL when L = 9: Show more…
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