8. 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. Inthe 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.%3DA specific equation for the production function is given by:1q = 8KL + 5L23when K = 24,or ,(8×24 x L) + 5L2 - -3q =The level of output q for 6 units of labor input is 1260 (enter your response rounded up to two decimal places).The average productivity of these 6 units of labor is 210 (enter your response rounded up to two decimal places).The marginal productivity of using one more unit of labor input is(enter your response rounded up to two decimal places).

Answered: Image /qna-images/answer/e70d6e75-0c4e-4306-ad66-32b40ce09cdb.jpg

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. A specific equation for the production function is given by: 3 q = 8KL + 5L2 or , when K = 24. q = (8×24 x L) + 5L2 The level of output q for 6 units of labor input is 1260 (enter your response rounded up to two decimal places). The average productivity of these 6 units of labor is 210 (enter your response rounded up to two decimal places). The marginal productivity of using one more unit of labor input is (enter your response rounded up to two decimal places).

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. A specific equation for the production function is given by: 3 q = 8KL + 5L2 or , when K = 24. q = (8×24 x L) + 5L2 The level of output q for 6 units of labor input is 1260 (enter your response rounded up to two decimal places). The average productivity of these 6 units of labor is 210 (enter your response rounded up to two decimal places). The marginal productivity of using one more unit of labor input is (enter your response rounded up to two decimal places).

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter7: Production Economics

Section: Chapter Questions

Problem 10E

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