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bonufazy [111]
3 years ago
5

The production function for laser eye surgery is given by Q = 20K0.5L0.5, where Q is the number of laser eye surgeries performed

per day, K is the number of eye surgery machines (which is fixed at 2 in the short run), and L is the number of employees. The marginal product of labor for L = 3 is ____.
Business
1 answer:
Naddika [18.5K]3 years ago
7 0

The marginal product of labor is 10.

Data and Calculations:

Production function = Q = 20K0.5L0.5 = 20 x K x 0.5 x L x 0.5

Where:

Q = number of surgeries per day

K = number of machines

L = number of employees

Assuming that:

K = 2

L = 2

Therefore, Q1 = 20 x 2 x 0.5 x 2 x 0.5

= 20 surgeries per day

Q2 = 20 x 2 x 0.5 x 3 x 0.5

= 30 surgeries per day

Change in productivity = 10 (30 - 20)

Change in labor = 1 (3 - 2)

Marginal product of labor = change in output / change in labor

= 10 (10/1)

Thus, the marginal product of labor for the production function is 10.

Learn more: brainly.com/question/4186143

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brainly.com/question/16405660

3 0
2 years ago
Upon her grandfather's death, Jordan inherited 10 shares of Universal Corp. stock that had a fair market value of $5,000. Her gr
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Explanation:

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The main three steps in every project management include project initiation -<em>plan creation</em>, staffing the project -<em>recruiting and selecting project members</em>, and controlling and directing the project -<em>monitoring the project progress</em>.

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