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
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
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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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
- Find the value of L that maximizes APL
- Find the value of L that maximizes MPL
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