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Asked Mar 19, 2019
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0(L,K) = 50K-La, where K is capital and L is labour. The marginal products are
MPL = 50 (-) K2L--, and MPK-50 (-) K-2L2.
Solve for the firm's short run demand for labour with capital held fixed.
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0(L,K) = 50K-La, where K is capital and L is labour. The marginal products are MPL = 50 (-) K2L--, and MPK-50 (-) K-2L2. Solve for the firm's short run demand for labour with capital held fixed. 焦 1

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Expert Answer

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Marginal Product:

Marginal product refers to the change in output due to the change in inputs. Alternatively, Marginal product is the increase or change in output when an additional unit of input (Material, Labor etc.) is employed.

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