The Marginal Product of Labor | Microeconomics Videos
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SOLVED:Calculate the marginal product of labor and draw the marginal product curve.
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Consider production functionf(l, k) = l2 k2(a) Evaluate the returns to scale.(b) Calculate the marginal product of labor and the marginalproduct of capital.(c) Calculate the MRTS.(d) Does the production function exhibit diminishing MRTS?(e) Plot the isoquant for production level q = 1.Hint: Notice that the input mixes (1; 0) and (0; 1) are on thisisoquant.
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