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29 Oct 2020

If total product increases from 100 to 200 when capital increases from 10 to 12, what is the marginal product of labor?

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Microeconomics
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Explain key concepts in the process of Production in Short Run with key definitions
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Paramjeet Chawla
Paramjeet ChawlaLv8
29 Oct 2020

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Related questions

If total product increases from 100 to 200 when labor increases from 10 to 20, what is the marginal product of labor?

Consider the following production function using capital (K) and labor (L) as inputs. Y = 10.K0.5L0.5. The marginal product of labor is (MPL=) 5.K0.5/L0.5, and the marginal product of capital (MPK) = 5.L0.5/K0.5.

a. If K = 100 and L=100 what is the level of output Y?

b. If labor increases to 110 while K=100, what is the level of output?

c. If labor increases to 110 while K=100, what is the marginal product of labor?

d. If labor increases to 120 while K=100, what is the marginal product of labor?

e. What happens to the marginal product of labor when labor increases while capital remains unchanged?

f. Estimate Marginal Products of Capital in the above cases of (c) and (d) using the equation given in the question.

g. When labor increases from 100 to 110 and then to 120 while the level of capital does not change, what happens to the Marginal Product of Capital?

1. When the capital stock decreases, firm increase their investment because _____________ increases.

A. the future marginal product of capital

B. the future marginal product of labor

C. the current marginal product of labor

D. the current marginal product of capital

2. Following an increase in government spending, the output supply curve shifts right because ____________ increases

A. The capital stock

B. Equilibrum Employment

C. Total factor productivity

D. All the above

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