In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q = f(L, K), where q is output, L is workers, and K is the fixed number of units of capital. Given a specific equation for production: or, when K = 29, Calculate the q = 8LK+ 5L² (3) ²³ q= (8L x 29) + 5L² · 52² - (37) ₁³. Average Product = q and enter the values in the table to the right. (Round your answers to the nearest integer.) Labor 0 2 4 6 8 10 12 Production Output or Marginal Product Product 0 481 987 1,500 2,005 2487 2,928 241 253 257 253 241 221 Average Product 241 247 251 249
In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q = f(L, K), where q is output, L is workers, and K is the fixed number of units of capital. Given a specific equation for production: or, when K = 29, Calculate the q = 8LK+ 5L² (3) ²³ q= (8L x 29) + 5L² · 52² - (37) ₁³. Average Product = q and enter the values in the table to the right. (Round your answers to the nearest integer.) Labor 0 2 4 6 8 10 12 Production Output or Marginal Product Product 0 481 987 1,500 2,005 2487 2,928 241 253 257 253 241 221 Average Product 241 247 251 249
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.8P
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Transcribed Image Text:In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm
can increase output only by increasing the amount of labor it uses. In the short-run, the firm's
production function is q = f(L, K), where is output, L is workers, and K is the fixed number of
units of capital.
Given a specific equation for production:
or, when K = 29,
Calculate the
q = 8LK+ 5L²
q =
(8L × 29) + 5L²
X
-
Average Product =
3
(13) ₁³.
102
and enter the values in the table to the right. (Round your answers to the nearest integer.)
E
Labor
624
0
6
8
10
12
Output or
Product
0
481
987
1,500
2,005
2487
2,928
Production
Marginal
Product
--
241
253
257
253
241
221
Average
Product
--
241
247
251
249
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