Consider the following production function TPL = 12L? – 0.8L³ i) Detemine the marginal product function(MPL) ii) Detemine the average product function (AP1) iii) Find the value of L that maximizes TPL iv) Find the value of L that maximizes APL v) Find the value ofL that maximizes MP1

Consider the following production function TPL = 12L? – 0.8L³ i) Detemine the marginal product function(MPL) ii) Detemine the average product function (AP1) iii) Find the value of L that maximizes TPL iv) Find the value of L that maximizes APL v) Find the value ofL that maximizes MP1

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter7: Production Economics

Section: Chapter Questions

Problem 5E

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Question

part iv and v answer needed

Consider the following production function
TPL = 12L? – 0.8L³
i)
Detemine the marginal product function(MPL)
ii)
Detemine the average product function (AP1)
iii)
Find the value of L that maximizes TPL
iv)
Find the value of L that maximizes APL
v)
Find the value ofL that maximizes MP1

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