Consider the following short-run production function (where L = variable input, Q = output):Q = 6L 3− 0.4L 3Determine the marginal product function (MP LP ).Determine the average product function (APLP ).Find the value of L that maximizes Q.Find the value of L at which the marginal product function takes on its maximum value.Find the value of L at which the average product function takes on its maximum value.

Marginal product is the ratio of change in input to change in output. The average product is the…

Answered: Consider the following short-run…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider the following short-run production function (where L = variable input, Q = output):

Q = 6L ³− 0.4L ³

Determine the marginal product function (MP L_P ).
Determine the average product function (APL_P ).
Find the value of L that maximizes Q.
Find the value of L at which the marginal product function takes on its maximum value.
Find the value of L at which the average product function takes on its maximum value.

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