Post Utme Achievers University 2023 Economics Question 13

Practice objective / multiple choice question 13 from the 2023 Post Utme Achievers University Economics examination.

Post Utme Achievers University 2023 Economics Objective / Multiple Choice
Question 13 POST_UTME_ACHIEVERS_UNIVERSITY • 2023 • ECONOMICS • objective

U\sing the Cobb-Douglas production function, derive an expression for the marginal product of labor (MPL) as a function of the capital-labor ratio and the output elasticity of labor.

Answer Options

Correct Answer A. \( MPL = \frac{partial Y}{partial L} = \alpha K^{eta} L^{\alpha - 1} \)
B. \( MPL = \frac{partial Y}{partial L} = \alpha K^{\alpha - 1} L^{eta} \)
C. \( MPL = \frac{partial Y}{partial L} = \alpha K^{eta - 1} L^{\alpha} \)
D. \( MPL = \frac{partial Y}{partial L} = \alpha K^{\alpha} L^{eta - 1} \)
Correct Answer
A
Correct Option:
\( MPL = \frac{partial Y}{partial L} = \alpha K^{eta} L^{\alpha - 1} \)

About This Question

This is Post Utme Achievers University 2023 Economics Question 13. It is one of the objective questions from the 2023 Post Utme Achievers University Economics examination.

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