Consider the following production function that depends only on labor:Q = 4L+ 12L² - 6L³ 1. 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 the highest? 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 function of L on the x-axis. Label the point of the intersection of APL and MPL.
Consider the following production function that depends only on labor:Q = 4L+ 12L² - 6L³ 1. 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 the highest? 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 function of L on the x-axis. Label the point of the intersection of APL and MPL.
Chapter1: Making Economics Decisions
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![Consider the following production function that depends only on labor:Q = 4L + 12L² - 6L³
1. 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 the highest?
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 function of L on the x-axis. Label the point of the
intersection of APL and MPL.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1542e5de-e392-4bdb-9d95-e5abdf8e6267%2Ff0be3b4c-c0c2-4ec3-a759-afea7d9d5dc3%2Fmdid45a_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Consider the following production function that depends only on labor:Q = 4L + 12L² - 6L³
1. 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 the highest?
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 function of L on the x-axis. Label the point of the
intersection of APL and MPL.
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