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Marginal Product of Labor at a Specific Point on a Concave Production Function
A specific point, P, on a concave production function (from Figure E5.2a) can be used to demonstrate the calculation of marginal product. At this point, an input of 5 hours of labor () results in an output of 19.04 bushels of grain. The marginal product of labor at this specific input level is determined by the slope of the tangent to the function at point P. This slope is calculated to be 1.52. Therefore, the MPL is 1.52 bushels of grain per hour when work is at 5 hours. If the production function is denoted as , this is mathematically expressed as .
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