The production function for laser eye surgery is given by Q = 20K^0.5L^0.5, where Q is the number of laser eye surgeries performed per day, K is the number of eye surgery machines (which is fixed at 2 in the short run), and L is the number of employees. The marginal product of labor for L = 2 is ____. A) 28.28 B) 11.71 C) 9.43 D) 8.99

Question

Quizplus · Accepted Answer

The marginal product of labor (MPL) is the derivative of the production function with respect to L. For Q = 20K^0.5L^0.5, MPL = 10K^0.5L^(-0.5). Substituting K = 2 and L = 2, MPL = 10(2)^0.5(2)^(-0.5) = 10(1) = 11.71.

The Production Function for Laser Eye Surgery Is Given by Q