Given,
Production function:
Q(L,K)=L21K21
To find: APL and MPL
APL (Average product of labor): APL refers to the average number of goods produced by each worker.
APL=LQAPL=LL21K21APL=L21K21APL=(LK)21
The above equation shows the APL.
MPL: Marginal product of labor refers to the addition to the total output due to an increase in the labor by one unit.
MPL=∂L∂QMPL=21L2−1K21MPL=2L21K21
The above equation shows the MPL.
Comments
Leave a comment