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The Marginal product of labor in production process is statistically estimated as MPL=10(K/L)^0.5 Currently the process is using 100 units of K and 121 units of L.Give the very specialized nature of capital equipment K, it takes about a year to increase k; but the rate of labor input, L, can be varied daily. if the wage rate is $ 10 per unit and the prices of the output is $ 2 per unit, is the firm operating efficiently in short run? if not explain why.
Also determine the optimal rate of labor input. on what factors does the labor efficiency depend?
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