A firm can manufacture a product according to the production function Q=3K1/2L1/2, and capital is fixed at 4. a) When the firm hires 16 units of labor. The average product of labor is......... b) when the firm hires 16 units of labor, the marginal product of labor is....... C) if the firm can sell its output at a price of $ 10 per unit and can hire labor at $ 10 per unit , it should hire?............units of labor maximize the profits.

A firm can manufacture a product according to the production function Q=3K1/2L1/2, and capital is fixed at 4. a) When the firm hires 16 units of labor. The average product of labor is......... b) when the firm hires 16 units of labor, the marginal product of labor is....... C) if the firm can sell its output at a price of $ 10 per unit and can hire labor at $ 10 per unit , it should hire?............units of labor maximize the profits.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 3SQP

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