26 Jan suppose XYZ Corporation has a technolog
suppose XYZ Corporation has a technology that uses only labor (L) and the production function is the following: one unit of labor will produce one unit of output (x), i.e., x=L. Also suppose that the firm can buy as much labor as it would ever want to at a price of 10$ per unit of labor.
a) graph the: i) Total product of labor function; ii) average product of labor function; iii) marginal product of labor function.
HINT: total product = x; average product = x/L; marginal product = (change in x)/(change in L)
b) graph the: i) total cost function; ii) average cost function; iii) marginal cost function.
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