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8 September, 00:04

Suppose the production function is given by Q = 4K + 6L. What is the average product of capital when 10 units of capital and 5 units of labor are employed? Group of answer choices

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  1. 8 September, 02:12
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    The average of the product of capital is 7

    Explanation:

    The average of the product of capital is computed by using this equation or formula:

    AP = aK + bL / K

    where

    AP is Average Product

    k is Capital, which is 10 units

    L is Labor, which is 5 units

    ak where a is the component which is 4

    bL where b is the component which is 6

    So, putting the values above in the formula:

    AP = 4 (10) + 6 (5) / 10

    AP = 40 + 30 / 10

    AP = 70 / 10

    AP = 7

    Therefore, the average product is 7
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