Q1. There are two production functions given as 1. q = l // k/² | 2. q = min(1, ½ k) a. Suppose k 16. For each of the production functions 1 and 2, find the total product, q, the average product, AP₁, and the marginal product, MP, as a function of labor input 1.

Q1. There are two production functions given as 1. q = l // k/² | 2. q = min(1, ½ k) a. Suppose k 16. For each of the production functions 1 and 2, find the total product, q, the average product, AP₁, and the marginal product, MP, as a function of labor input 1.

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Question

Q1.
There are two production functions given as
1. q = l / k² |
2. q = min(1, ½ k)
a. Suppose k
16. For each of the production functions 1 and 2, find
the total product, q, the average product, AP₁, and the marginal product,
MP₁, as a function of labor input 1.
=

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