The following cubic equation is a long-run production function for a firm:
where Q is the number of units produced per year. Suppose the firm employs 25 units of capital.
-When 10 units of labor are employed, marginal product is equal to ____________ and average product is equal to ____________. The decrease in capital usage has _______________ (increased, decreased, not affected) the marginal and average product of labor.

Question

The following cubic equation is a long-run production function for a firm:
  where Q is the number of units produced per year. Suppose the firm employs 25 units of capital.
-When 10 units of labor are employed, marginal product is equal to ____________ and average product is equal to ____________. The decrease in capital usage has _______________ (increased, decreased, not affected) the marginal and average product of labor.

Quizplus · Accepted Answer

The Answer of The following cubic equation is a long-run production function for a firm:
  where Q is the number of units produced per year. Suppose the firm employs 25 units of capital.
-When 10 units of labor are employed, marginal product is equal to ____________ and average product is equal to ____________. The decrease in capital usage has _______________ (increased, decreased, not affected) the marginal and average product of labor.

The Following Cubic Equation Is a Long-Run Production Function for a Firm