Suppose a firm's short-run production function is given by Q = 16L^0.8. What is the marginal product of the fourth worker? A) 36 B) 10 C) 49 D) 1.85

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Quizplus · Accepted Answer

The marginal product of labor (MPL) is the derivative of the production function with respect to labor (L). MPL = dQ/dL = 0.8 * 16 * L^(-0.2). For the fourth worker (L=4), MPL = 0.8 * 16 * 4^(-0.2) ≈ 10.

Suppose a Firm's Short-Run Production Function Is Given by Q