This short lecture develops an equation for a firm's demand for labor. Note the similarities between this equation and MR(Q)=MC(Q). The intuition for the two is very similar.
the MPL is a function of L, as an example it could be MPL = 2/(L)^0.5. If you know the amount of labor you can just plug in for L to get W/P, the real wage, and multiply that by P to get the nominal wage (W).
You'd have to be given some info about the marginal product of labor or you wouldn't be able to solve any problem or graph it. In a more advanced class like intermediate micro theory you could get the MPL from the production function by taking the derivative but if that doesn't sound familiar you probably don't need to know it.
"plot this bad boy" XD . BTW very helpful content
Thanks, very helpful 👍👍
How would you find the wage using MPL if no price is given but the amount of labor is?
the MPL is a function of L, as an example it could be MPL = 2/(L)^0.5. If you know the amount of labor you can just plug in for L to get W/P, the real wage, and multiply that by P to get the nominal wage (W).
function given q=f(k,e) determine mp of both factors of production?
what if we are not given mpl = 6 - L ?
You'd have to be given some info about the marginal product of labor or you wouldn't be able to solve any problem or graph it. In a more advanced class like intermediate micro theory you could get the MPL from the production function by taking the derivative but if that doesn't sound familiar you probably don't need to know it.
I dont understand a shit! xD
sounds like a you problem
@@sarthvk maybe