Suppose the production function is given by Q=L3\4K1\4 find APL and MPL function
Solution:
APL = QL\frac{Q}{L}LQ= L3/4K1/4L=K1/4L1/4\frac{L^{3/4} K^{1/4} }{L} = \frac{K^{1/4} }{L^{1/4}}LL3/4K1/4=L1/4K1/4
MPL = ∂Q∂L=34L−1/4K1/4\frac{\partial Q} {\partial L} = \frac{3} {4}L ^{-1/4}K^{1/4}∂L∂Q=43L−1/4K1/4
Need a fast expert's response?
and get a quick answer at the best price
for any assignment or question with DETAILED EXPLANATIONS!
Comments
Leave a comment