- The Production Functions Given Below Measure Output As A Function Of Units Of Labour Hours I E Y F L Where Y U 1 (190.08 KiB) Viewed 29 times
- The Production Functions Given Below Measure Output As A Function Of Units Of Labour Hours I E Y F L Where Y U 2 (263.92 KiB) Viewed 29 times
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 dy For each of these production functions calculate the marginal product of labour (MP), where MP, == a) y=21² +41² + 7L + 12 (1.5 marks) b) y = L²x loge L (1.5 marks)
c) y 11 3L+3 d) y = (e² + 3L) ¹7 (1.5 marks) (1.5 marks)