5) Consider the following short run production functio
Question and Solution
5) Consider the following short run production function (where L = variable input, Q = output): Q = 6L^2 - 0.4L^3 A) D
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5) Consider the following short run production function (where L = variable input, Q = output):
Q = 6L^2 - 0.4L^3
A) Determine the marginal product function B) Determine the average product function C) Find the value of L that maximizes Q D) Find the value of L at which the marginal product function takes on its maximum value E) Find the value of L at which the average product function takes on its maximum value
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