Answer to Question #117947 in Microeconomics for Alexander's

Question #117947
Suppose the production function is given by Q (L,k)=L 3\2 k1\2 assuming capital fixed find APL and MPL
1
Expert's answer
2020-06-08T11:06:38-0400
APL=TPLAP_L=\frac{TP}{L}


APL=L32K12L=(LK)12AP_L=\frac{L^{\frac{3}{2}} K^{\frac{1}{2}}}{L}=(LK)^{\frac{1}{2}}


MPL=ΔTPLΔLMP_L=\frac{\varDelta TP_L}{ \varDelta L}


MPL=32L12K12MP_L=\frac{3}{2}L^{\frac{1}{2}}K^{\frac{1}{2}}


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