Essay
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.
a. Write the equation for the firm's short-run production function.
b. Write the equation for the firm's short-run average product of labor function.
c. Calculate the average product of labor for L = 9 and L = 16.
d. Calculate the marginal product of labor for L = 1, L = 2, and L = 3.
Correct Answer:
Verified
a. Q = 20(2)0.5L0.5 = 28.28L0.5 b. APL = 28.28/L0.5
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