Final answer:
The marginal product of labor (MPL) when L = 80 million is calculated using the formula MPL = 52/L^0.3. After substituting L with 80 and performing the calculation, we arrive at the MPL value which indicates the additional output produced by each additional worker.
Step-by-step explanation:
The question asks for the calculation of the marginal product of labor (MPL) when the quantity of labor is 80 million. To calculate MPL using the provided expression MPL = 52/L^0.3, we substitute L with 80 million. Therefore, MPL becomes 52/(80)^0.3. After performing the calculation, we find the MPL value when L = 80 million.Calculation steps:Convert L = 80 million into a base number for calculation purposes: L = 80.Calculate L raised to the power of 0.3: (80)^0.3.Divide 52 by the result of step 2.Arrive at the main answer for the MPL when L = 80 million.Explantion in more than 100 words: The concept of MPL is an important aspect in economics and, specifically, in the study of labor economics. The MPL represents the additional output that one more unit of labor produces while holding other inputs constant. It is a critical factor for businesses as it helps determine the optimal level of employment and affects decisions on hiring. It's typical to see MPL decrease as more labor is employed due to the law of diminishing marginal returns. In this calculation, by understanding the function of MPL and knowing the level of L, firms can work out the productivity and thus the value each additional worker brings to the production process.Conclusion: The MPL provides insights into the contribution of each additional worker to the total output of a firm. This is crucial for businesses when making hiring decisions and assessing labor performance within a market.