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Production function
Suppose the production function is Q = 20(K
0.5 L 0.5 ) and the value of capital is 100. Calculate the total product for the following values of labour input: 1, 5, 10, 20, 40, 50, 80, 100, 150, 200. Calculate the average product at each of these Levels of output. How does marginal product vary over this range of output? |
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