In this typical production function, where output is increasing at a decreasing rate and has a slope of 1/L0.5. What is the average product of labor at L = 2 (enter only numeric values in th indicated field)? Output (Q) 1.73 Production function 1.41 1 Labor (L) 1 3 4

In this typical production function, where output is increasing at a decreasing rate and has a slope of 1/L0.5. What is the average product of labor at L = 2 (enter only numeric values in th indicated field)? Output (Q) 1.73 Production function 1.41 1 Labor (L) 1 3 4

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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Question

In this typical production function, where output is increasing at a decreasing rate and has a slope of 1/L0.5. What is the average product of labor at L = 2 (enter only numeric values in the
indicated field)?
Output (Q)
3
2
1.73
Production function
1.41
1
Labor (L)
1
2
3
4

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