Nobody fixes more fender benders than Crazy Bob! At his auto body shop, the production function showing the number of cars repaired each year is Q = 100√KL, where K is the number of arc welding machines available and L is the number of employees. Currently, K is fixed at 9.a. Write an equation for Crazy Bob’s short-run production function, showing output as a function of labor only.b. Calculate the total number of cars Bob can repair each year for L = 1, 2, 3, 4, and 5.c. Calculate the marginal product of labor for each of Bob’s first five workers. Does the MPL diminish?d. Calculate the average product of labor for Bob’s first five workers. Is the MPL greater than, equal to, or less than the APL at each level of employment? Why?
Nobody fixes more fender benders than Crazy Bob! At his auto body shop, the production function showing the number of cars repaired each year is Q =”
by | Mar 12, 2022 | Uncategorized
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