Consider the following production function TPL = 12L2 – 0.8L3 Determine the marginal product function (MPL) Determine the average product function (APL) Find the value of L that maximizes TPL

Q: Consider the following production function                                                     TPL…

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Q: Consider the following production function…

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A: In the above diagram, we can see that: At point B, when AP is maximum then AP intersects MP (AP=MP)…

Q: Q = 4L + 8K Q = 50K04L0.6 Q = [K0.5L0.5]3 i) Calculate the marginal products of labor and capital

A: Marginal product is the change in total product with an additional unit of input hired. Marginal…

Q: Consider the following production functions F(L,K)=LK^3 F(L,K)=L+3K (a) Discuss if each marginal…

A: (a) MPL = ∂Q/∂L = K3 So, MPL is independent of L and is constant. MPK = ∂Q/∂K = 3LK2 So, as K…

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Q: Prove that the marginal cost line (MC) crosses the Average Variable Cost line (AVC) at its minimum

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Q: None

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Q: A firm faces the production function: q=10L^0.32 K^0.56  (a) What kind of returns to scale does…

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A: The optimal quantity of labor and capital would be when MPL / MPK = W / R

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A: *Answer:

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A: Production function: y=fL,M=L2M2            .... (1) The cost of labor is w and the cost of the…

Q: Consider the following production function…

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Q: In the following production function: f(x1, x2) = Ax1α1 x2α2 , where A, α1, α2 > 0. What is the…

A: Answer to the question is as follows ;

Q: A firm can manufacture a product according to the production function Q = F(K, L) = K0.>L0.5. (a)…

A: Q = F(K,L) = K0.5L0.5 K¯ = 36 L ¯ = 16