1. Given a function, what is the formula to find marginal product of labor? 2. what...
1. Given a function, what is the formula to find marginal product of labor?
2. what is the formula to find the cost minimizing combination of K and L?
Homework Answers
Answer - The formula for the calculation of marginal product of labor is = Change in TP / Change in input
This will help to calculate the change in TP resulting from change in input.
Answer 2 - The formula to find the cost minimising combination Will be -
Marginal product / wage = marginal product of K / rental price of capital
This equation is used to represent the cost minimising combination of K and L
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1. Given a function, what is the formula to find marginal
product of labor?
2. what...
For each production function below, find the marginal product of capital and labor, and the marginal...
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1. Given the production function Q=L?, calculate the average product of labor for L= 2, and also calculate the marginal...
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