Consider the following short-run production function (where L=Q = 6L² - 0.4L³What is the marginal product function (MPL)?O 12L 1.2L²12 - 1.2L6L -0.4L2What is the average product function (APL)?O 12L 1.2L²O 6L-0.4L²O 12 - 1.2LWhat is the value of L that maximizes Q?variable input, Q =output):What is the value of L at which the marginal product function takes on its maximum value?What is the value of L at which the average product function takes on its maximum value?

Marginal and average products: The production function determines all possible input bundles that…

Consider the following short-run production function (where L = variable input, Q = output): Q6L20.4L³ What is the marginal product function (MPL)? 12L - 1.2L² O 12 - 1.2L O6L-0.4L² What is the average product function (APL)? 12L - 1.2L² 6L-0.4L² O 12 - 1.2L What is the value of L that maximizes Q? What is the value of L at which the marginal product function takes on its maximum value? What is the value of L at which the average product function takes on its maximum value?

Consider the following short-run production function (where L = variable input, Q = output): Q6L20.4L³ What is the marginal product function (MPL)? 12L - 1.2L² O 12 - 1.2L O6L-0.4L² What is the average product function (APL)? 12L - 1.2L² 6L-0.4L² O 12 - 1.2L What is the value of L that maximizes Q? What is the value of L at which the marginal product function takes on its maximum value? What is the value of L at which the average product function takes on its maximum value?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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Consider the following short-run production function (where L
=
Q = 6L² - 0.4L³
What is the marginal product function (MPL)?
O 12L 1.2L²
12 - 1.2L
6L -0.4L2
What is the average product function (APL)?
O 12L 1.2L²
O 6L-0.4L²
O 12 - 1.2L
What is the value of L that maximizes Q?
variable input, Q =
output):
What is the value of L at which the marginal product function takes on its maximum value?
What is the value of L at which the average product function takes on its maximum value?

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