(Figure: Production Function V) Refer to the production function, which has a slope of 1/L^0.5.
a. Calculate the average product of labor for L = 1, L = 2, and L = 3.
b. Calculate the marginal product of labor for L = 1, L = 4, and L = 16, assuming that labor is infinitely divisible.

Question

(Figure: Production Function V) Refer to the production function, which has a slope of 1/L^0.5.

(Figure: Production Function V) Refer to the production function, which has a slope of 1/L<sup>0.5</sup>. a. Calculate the average product of labor for L = 1, L = 2, and L = 3. b. Calculate the marginal product of labor for L = 1, L = 4, and L = 16, assuming that labor is infinitely divisible.

a. Calculate the average product of labor for L = 1, L = 2, and L = 3.
b. Calculate the marginal product of labor for L = 1, L = 4, and L = 16, assuming that labor is infinitely divisible.

Quizplus · Accepted Answer

The Answer of (Figure: Production Function V) Refer to the production function, which has a slope of 1/L^0.5. a. Calculate the average product of labor for L = 1, L = 2, and L = 3. b. Calculate the marginal product of labor for L = 1, L = 4, and L = 16, assuming that labor is infinitely divisible.

(Figure: Production Function V) Refer to the Production Function, Which