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Topic: Production Function
We have production function F(K, L) = L0.5K0.5. Assume that K = 4 fixed and amount of labor employed can take value greater than or equal to zero (0).
1) Graph production function and Average Product (AP). Give an economic intuition of form of these functions.
2) Assume that MAXIMUM number of workers hired is 225 labor units. What will be level of production?
3) With data obtained in b), can 25 units be produced?
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