PLEASE DRAW THE APL AND MPL, thank you! ONLY NEED HELP WITH QUESTION 5! Thank youQuestion 2:Consider the following production function thatdepends only on labor:Q = 2L+6L² - 3L³1. Compute the APL (average product of labor).2. Compute the MPL (marginal product of labor).3. What is the value of L* at which APL is thehighest?4. For L > L*, which one is bigger, APL or MPL?How about when L < L* and L = L* ?5. Draw APL and MPL on the y-axis as a functionof L on the x-axis. Label the point of theintersection of APL and MPL.

Given information: Q = 2L + 6L2 - 3L3 ---> Production function. Where Q is output produced L is…

Answered: Consider the following production…

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Consider the following production function that depends only on labor:Q = 2L + 6L² - 3L³

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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PLEASE DRAW THE APL AND MPL, thank you!

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