Managerial Economics 12th Edition by Christopher Thomas,Charles Maurice

Exercise 1

Consider the production function Q = 20 K 1/2 L 1/2. The firm operates in the short run with 16 units of capital.
a. The firm's short-run production function is Q = _______.
b. The average product of labor function is AP = _______.
c. The marginal product of labor function is MP = _______.
d. Show that marginal product diminishes for all levels of labor usage.