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5. This is the sequel to a question on the previous P-set that used this aggregate production function Y = A x VK x VL For this entire problem assume A = 2. Fill in the table below showing the marginal product of labor (MPL) for each level of capital and labor. MPL when K = 3 MPL when K = 5 4 7 What is the MPL when K = 3 and L = 7?

5. This is the sequel to a question on the previous P-set that used this aggregate production function Y = A x VK x VL For this entire problem assume A = 2. Fill in the table below showing the marginal product of labor (MPL) for each level of capital and labor. MPL when K = 3 MPL when K = 5 4 7 What is the MPL when K = 3 and L = 7?

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 36CTQ: Retune to Table 7.2. In the top half of the table, at what point does diminishing marginal...
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5. This is the sequel to a question on the previous P-set that used this aggregate production function Y = A x VK x VL For this entire problem assume A = 2. Fill in the table below showing the marginal product of labor (MPL) for each level of capital and labor. MPL when K = 3 MPL when K = 5 4 6. 7 What is the MPL when K = 3 and L = 7?
Transcribed Image Text:5. This is the sequel to a question on the previous P-set that used this aggregate production function Y = A x VK x VL For this entire problem assume A = 2. Fill in the table below showing the marginal product of labor (MPL) for each level of capital and labor. MPL when K = 3 MPL when K = 5 4 6. 7 What is the MPL when K = 3 and L = 7?
Expert Solution
Step 1

Given production function 

Y=A×K×L            

For A=2 and K=3

Y(L)=23×L                ... (1)

For A=2 and K=7

Y(L)=25×L                ... (2)

 

 

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