d. In the short-run, Prunella cannot vary the amount of land she uses. Plot the output as a function of labor only for the fixed level of land of T=1. e. Find the marginal product of labor from L=4 and show it on the graph. Is the marginal product of labor diminishing, constant or increasing in labor? f. Suppose wages are constant and equal w, fixed costs are zero. Find the short-run profit maximizing level of labor for T=1.
d. In the short-run, Prunella cannot vary the amount of land she uses. Plot the output as a function of labor only for the fixed level of land of T=1. e. Find the marginal product of labor from L=4 and show it on the graph. Is the marginal product of labor diminishing, constant or increasing in labor? f. Suppose wages are constant and equal w, fixed costs are zero. Find the short-run profit maximizing level of labor for T=1.
Chapter7: Production And Cost In The Firm
Section: Chapter Questions
Problem 3.7P
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