Answer to Question #331067 in Microeconomics for Axis

Question

Consider a firm with the following production function 𝑸 = 𝟓𝟎𝟎𝟎𝑳 − 𝟐𝑳 𝟐 

a. How many units of labor are needed at that point.

b. Obtain the function of marginal product of labor (𝑀𝑅𝐿).

c. Graph the production function and the 𝑀𝑅𝐿.

Answer 1

$Q=5000L-2L^2,$

$Q'=5000-4L,$

$Q'=0,$

$L=1250,$

$Q=3125000.$