Question

1.Show the relationship between short-run MC and MPL both mathematically and
graphically.

Answer 1

Answer:

Note that ΔL / ΔQ is the inverse of the MPl. Therefore MC are inversely related to productivity. MC = w / MPl. The higher the marginal product of labor, i.e., the more productive labor is, the lower the marginal costs of producing output.

Explanation:

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