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Learn About Marginal Product of Labor in Economics: Definition, Ex…
K is capital (the number of machines), L is labor (the number of workers), and H is human capital (the number of college degrees among the workers). The production function is: Derive an expression for the marginal product of labor. How does an increase in the amount of human capital affect the marginal product of labor? MPL = 1/3*K1/3H1/3 L-2/3.
marginal product of labor quizlet

[DOC File]Principles of Microeconomics, 7e (Case/Fair)
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The marginal product of labor is . When L = 16, . When L = 81, . Thus, as the number of units of labor hired increases, the marginal product of labor decreases , holding the level of capital fixed. We must equate the value marginal product of labor equal to the wage and solve for L. Here, . Setting this equal to the wage of $25 gives .
marginal product of labor graph

[DOC File]Chapter 5: Answers to Questions and Problems
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The marginal product of labor is . The marginal product of capital is . Set the marginal rate of technical substitution equal to the input price ratio to determine the optimal capital-labor ratio:, or K = 0.75L. Therefore, the capital-labor ratio should be 0.75 to …
how to calculate labor product alp

[DOC File]Solutions to Chapter 7 Assignments
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The choice of Point B in the graph has the marginal product of capital too low compared to the marginal product of labor – too much capital is being used relative to labor. This is arbitrary; it is equally true that Point C in the graph shows a “wrong” combination, too little capital and too much labor.
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[DOC File]CHAPTER 7
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The marginal product of labor can be stated as A) (W) × MC). B) W/MC. C) MC/W. D) TC/W. Answer: B Diff: 3 Type: D 28) If the wage rate is less than the marginal revenue product of labor, the firm should _____ to maximize profits. A) hire less labor and produce less output B) hire less labor and produce more output C) hire more labor and ...
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[DOC File]Some Answers
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The marginal product of labor must be increasing. The marginal cost of production measures the extra cost of producing one more unit of output. If this cost is diminishing, then it must be taking fewer units of labor to produce the extra unit of output, since the extra cost refers to the extra cost of the labor. ...
diminishing marginal product of labor

Marginal product of labor