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Chapter 5 Production Solutions

Question - 11 : -
The following table gives the marginal product schedule of labour. It is also given that total product of labour is zero at zero level of employment. Calculate the total and average product schedules of labour.

Answer - 11 : -

L

MPL

1

3

2

5

3

7

4

5

5

3

6

1

Answer

 

L

MPL

       

1

3

3

2

5

3 + 5 = 8

3

7

8 + 7 = 15

4

5

15 + 5 = 20

5

3

20 + 3 = 23

6

1

23 + 1 = 24

   

Question - 12 : - Let the production function of a firm be Q=L1/2K1/2 Find out the maximum possible output that the firm can produce with 100 units of L and 100 units of K. 

Answer - 12 : -

Q=5L1/2K1/2(Given)Q=5×1001/2×1001/2
Q = 5 x 10 x 10 = 500 units So, 
the maximum possible output(Q) = 500 units.

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