Describing relationship between average and marginal value
Describing relationship between average and marginal value
Business Economics Consider the production function f(L,K)=L+K. Suppose K is fixed at 2. (a) Find algebraic expressions for the total product of labor function TP(L), the average product of labor AP(L), and the marginal product of labor MP(L). (b) Graph the functions in part a. Does your answer to part b violate the rule describing the relationship between average and marginal values? Explain.
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