Answer All Questions1. A firm has the following short run production function Q = 50L + 6L² – 0.5L3Where Q = Quantity of output per week L=Labour (number of workers)i.Compute the level of output at which the law of diminishing returns take effectii.Show that at the maximum value of APL, MPL =APii.Determine the level of labour at which output is maximized.

We are going to find average product of labour, marginal product of labour and single variable…

Answer All Questions 1. A firm has the following short run production function Q = 50L + 6L² – 0.5L = Quantity of output per week L = Labour (number of workers) Where Q i. Compute the level of output at which the law of diminishing returns take effect 证 Show that at the maximum value of APL, MPL = APL %3D Determine the level of labour at which output is maximized. iii.

Answer All Questions 1. A firm has the following short run production function Q = 50L + 6L² – 0.5L = Quantity of output per week L = Labour (number of workers) Where Q i. Compute the level of output at which the law of diminishing returns take effect 证 Show that at the maximum value of APL, MPL = APL %3D Determine the level of labour at which output is maximized. iii.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Lesson 7- Production Question 8
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