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(Figure: Production Function V) Refer to the Production Function, Which

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(Figure: Production Function V) Refer to the production function, which has a slope of 1/L0.5. (Figure: Production Function V) Refer to the production function, which has a slope of 1/L<sup>0.5</sup>. a. Calculate the average product of labor for L = 1, L = 2, and L = 3. b. Calculate the marginal product of labor for L = 1, L = 4, and L = 16, assuming that labor is infinitely divisible.
a. Calculate the average product of labor for L = 1, L = 2, and L = 3.
b. Calculate the marginal product of labor for L = 1, L = 4, and L = 16, assuming that labor is infinitely divisible.

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a. APL = Q/L
APL (L = 1) = 1/1 = 1
APL (L =...

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