If the production function is q=f(L, K)=3 L+ 2 K, and capital is fixed at K̅=50, what is the sho

Name: If the production function is q=f(L, K)=3 L+ 2 K, and capital is fixed at K̅=50, what is the short-run production function? What is the marginal product of labor? (Hint: See Solved Problem 6.1.)
Uploaded: 2021-12-14T18:04:29-08:00
Duration: 1 min 10 s
Channel: Banhishikha Sinha
Description: If the production function is q=f(L, K)=3 L+ 2 K, and capital is fixed at K̅=50, what is the short-run production function? What is the marginal product of labor? (Hint: See Solved Problem 6.1.)

Question

If the production function is $q=f(L, K)=3 L+$ $2 K,$ and capital is fixed at $\bar{K}=50,$ what is the short-run production function? What is the marginal product of labor? (Hint: See Solved Problem 6.1.)

          If the production function is $q=f(L, K)=3 L+$ $2 K,$ and capital is fixed at $\bar{K}=50,$ what is the short-run production function? What is the marginal product of labor? (Hint: See Solved Problem 6.1.)

Added by Salvador D.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Banhishikha Sinha

12/14/2021

Step 1

Step 1: Given the production function $q=f(L, K)=3L+2K$ and capital is fixed at $\bar{K}=50$, we can substitute $\bar{K}=50$ into the production function to get the short-run production function: $q=3L+2(50)$ $q=3L+100$ Show more…

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If the production function is $q=f(L, K)=3 L+$ $2 K,$ and capital is fixed at $\bar{K}=50,$ what is the short-run production function? What is the marginal product of labor? (Hint: See Solved Problem 6.1.)