Suppose that the production function for DVDS is given by Q = KL2 - L3, where Qis the number of disks produced per year, Kis machine-hours of capital, and Lis man-hours of labor. Suppose K= 600. When L= 0, Q=_. At L=_, the total product is the highest. At L =, product of labor is the highest. At L =_ the marginal product of labor is the highest. At L = 400, the marginal product of labor is the average
Suppose that the production function for DVDS is given by Q = KL2 - L3, where Qis the number of disks produced per year, Kis machine-hours of capital, and Lis man-hours of labor. Suppose K= 600. When L= 0, Q=_. At L=_, the total product is the highest. At L =, product of labor is the highest. At L =_ the marginal product of labor is the highest. At L = 400, the marginal product of labor is the average
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Transcribed Image Text:9.
Accepted characters: numbers, decimal point markers, sign indicators (-), spaces (e.g., as thousands
separator, 5 000), "E" or "e" (used in scientific notation). NOTE: For scientific notation, a period MUST be used
as the decimal point marker.
Suppose that the production function for DVDS is given by Q = KL² – L3, where Qis the number of disks
produced per year, Kis machine-hours of capital, and Lis man-hours of labor.
-
Suppose K= 600. When L = 0, Q=_ At L=_ the total product is the highest. At L =_ the average
product of labor is the highest. At L =_, the marginal product of labor is the highest. At L = 400, the marginal
product of labor is
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