joe342 said:Consider the function APL=[itex]\frac{\sqrt[4]{L}}{L}[/itex], where L is the number of workers. The company has just hired 8 workers. What is the marginal product of the labor?
I know that if I had the total product I could differentiate it and get the marginal product, but it's the average product that is given.
APL=[itex]\frac{\sqrt[4]{8}}{8}[/itex]=[itex]\frac{1,68}{8}[/itex]=0,21
How do I get to MP from here?
Ray Vickson said:Please do not use undefined abbreviations. What is AP? What is MP? I might be able toe guess, but I should not have to!
joe342 said:I know that if I had the total product I could differentiate it and get the marginal product, but it's the average product that is given.
joe342 said:Im sorry, I thought I made it clear here. Average product of labor and marginal product of labor.
Marginal product refers to the change in output that results from adding one more unit of input. It is a measure of the additional output produced per additional unit of input.
The marginal product is calculated by dividing the change in total output by the change in the number of workers hired. In other words, it is the slope of the production function at a specific point.
Average product of labor (APL) is the total output divided by the number of workers hired. It is a measure of the average productivity of each worker.
The marginal product is the instantaneous change in the average product of labor. It is the additional output produced by adding one more unit of input, which affects the average product of labor.
The marginal product from APL can be used to determine the optimal number of workers to hire in order to maximize output and minimize costs. When the marginal product is greater than the average product, hiring more workers will increase output and vice versa.