(Figure: Production Function V) Refer to the Production Function, Which

question 26

Essay

(Figure: Production Function V) Refer to the production function, which has a slope of 1/L^0.5.
a. Calculate the average product of labor for L = 1, L = 2, and L = 3.
b. Calculate the marginal product of labor for L = 1, L = 4, and L = 16, assuming that labor is infinitely divisible.

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