The slope of the production function while holding capital fixed is Multiple Choice the average physical product of capital none of the other answers are correct. the average physical product of labor. the marginal physical product of capital. the marginal physical product of labor.
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Average of marginal production Economists use production functions to describe how the output of a system varies with respect to another variable such as labor or capital. For example, the production function $P(L)=200 L+10 L^{2}-L^{3}$ gives the output of a system as a function of the number of laborers $L$. The average product $A(L)$ is the average output per laborer when L laborers are working; that is $A(L)=P(L) / L$. The marginal product $M(L)$ is the approximate change in output when one additional laborer is added to $L$ laborers; that is, $M(L)=\frac{d P}{d L}$ a. For the production function given here, compute and graph $P, A,$ and $M$ b. Suppose the peak of the average product curve occurs at $L=L_{0},$ so that $A^{\prime}\left(L_{0}\right)=0 .$ Show that for a general production function, $M\left(L_{0}\right)=A\left(L_{0}\right)$
Derivatives
Derivatives as Rates of Change
Economists use production functions to describe how the output of a system varies with respect to another variable such as labor or capital. For example, the production function $P(L)=200 L+10 L^{2}-L^{3}$ gives the output of a system as a function of the number of laborers $L$. The average product $A(L)$ is the average output per laborer when $L$ laborers are working; that is, $A(L)=P(L) / L$. The marginal product $M(L)$ is the approximate change in output when one additional laborer is added to $L$ laborers; that is, $M(L)=d P / d L$ a. For the given production function, compute and graph $P, A,$ and $L$ b. Suppose the peak of the average product curve occurs at $L=L_{0},$ so that $A^{\prime}\left(L_{0}\right)=0 .$ Show that for a general production function, $M\left(L_{0}\right)=A\left(L_{0}\right)$
Suppose the production function is given by Q = 2K + 6L. What is the average product of labor when 3 units of capital and 4 units of labor are employed? Multiple Choice 7.5. 7. 10. 10.5.
Jennifer S.
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