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Consider the following production function: Q=K ¹ /³ L ² /³ . Please complete the following tasks with this function in mind:

(a) Compute the average product of labor.

User Minakshi
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Final answer:

The average product of labor (APL) can be computed from the production function Q=K1/3 L2/3 as APL = K1/3 L-1/3, representing the average output produced per unit of labor.

Step-by-step explanation:

The student's question pertains to the calculation of the average product of labor (APL) using the given production function Q=K1/3 L2/3. The average product of labor is defined as the total output (Q) divided by the amount of labor used (L), or APL = Q/L. To compute APL using the production function, we simply substitute Q in the equation with K1/3 L2/3 and divide by L, yielding APL = (K1/3 L2/3)/L = K1/3 L-1/3. This represents the average output per unit of labor, assuming a fixed level of capital.

User Ilya Bystrov
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