Consider the production function Q = 4L0.4K0.5 where Q is the total output, L is labour and K is capital. What is the average product of labour (APL)? a. 4K0.5/L0.5 b. 4K0.5/L0.6 c. 4K0.5/L0.4 d. 4K0.4/L0.5
Consider the production function Q = 4L0.4K0.5 where Q is the total output, L is labour and K is capital. What is the average product of labour (APL)? a. 4K0.5/L0.5 b. 4K0.5/L0.6 c. 4K0.5/L0.4 d. 4K0.4/L0.5
Chapter6: Proudction Costs
Section: Chapter Questions
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Consider the production function Q = 4L0.4K0.5 where Q is the total output, L is labour and K is capital. What is the average product of labour (APL)?
a. 4K0.5/L0.5
b. 4K0.5/L0.6
c. 4K0.5/L0.4
d. 4K0.4/L0.5
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