Business, 26.12.2019 22:31 edna27

In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. in the short-run, the firm's production function is q = f(l, k), where q is output, l is workers, and k is the fixed number of units of capital. a specific equation for the production function is given by: q = 8kl + 5l^2 - 1/3l^3or when k = 27q = (8 x 27 x l) + 5l^2 - 1/3l^31. the level of output q for 6 units of labor input is (enter your response rounded up to two decimal places). 2. the average productivity of these 6 units of labor (enter your response rounded up to two decimal places) 3. the marginal productivity of using one more unit of labor input (enter your response rounded up o two decimal places). 4. given the relationship between the average productivity and the marginal productivity, the average productivity of labor is

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In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm...