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Question 2 (6 marks in total) The production functions, given below, measure output as a function of units of labour hou
Posted: Thu Jun 30, 2022 7:39 pm
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- Question 2 6 Marks In Total The Production Functions Given Below Measure Output As A Function Of Units Of Labour Hou 1 (45.4 KiB) Viewed 46 times
Question 2 (6 marks in total) The production functions, given below, measure output as a function of units of labour hours, i.e. y = f(L) Where: y = units of output L = units of labour hours = For each of these production functions calculate the marginal product of labour (MPL), where MP₁ a) y = 2L³ + 4L² + 7L + 12 (1.5 marks) b) y = L² x loge L dL (1.5 marks)