Calculate the marginal product of labor


Problem

1. Consider the following production function Y = F(K, L) = A(2K + 3L) Does this production function exhibit constant returns to scale? (Hint: Replace K and L by 2K and 2L respectively and check if F(2K, 2L) = 2F(K, L).)

2. Consider the following production function: Y = F(K, L) = AK0.4L1.0

a) Calculate the marginal product of labor.

b) Does this production function exhibit diminishing marginal product of labor?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Macroeconomics: Calculate the marginal product of labor
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