Using the Cobb-Douglas production $Y = \bar { A } K ^ { 1 / 3 } L ^ { 2 / 3 }$ , the marginal product of labor, or the real
Wage, is:
A) $1 / 3 \cdot K$
B) $2 / 3 \cdot \frac { \bar { A } L ^ { 1 / 3 } } { K ^ { 1 / 3 } }$
C) $2 / 3 \cdot \frac { \bar { A } K ^ { 1 / 3 } } { L ^ { 1 / 3 } }$
D) $1 / 3 \cdot \bar { A } L ^ { 1 / 3 }$
E) $1 / 3$

Question

Quizplus · Accepted Answer

The marginal product of labor is the derivative of the production function with respect to labor. So,$$\frac{\partial Y}{\partial L} = \frac{2}{3} \cdot \frac{\bar{A} K^{1/3}}{L^{1/3}}$$

Using the Cobb-Douglas Production Y=AˉK1/3L2/3Y = \bar { A } K ^ { 1 / 3 } L ^ { 2 / 3 }Y=AˉK1/3L2/3

Using the Cobb-Douglas Production $Y = \bar { A } K ^ { 1 / 3 } L ^ { 2 / 3 }$