Consider the following short run production function (where L – variable input, Q-output)
Q = 6L2 – 0.4L3
a. Determine the marginal product function (MPL)
b. Determine the average product function (APL)
c. Find the value of L that maximizes Q
d. Find the value of L at which the marginal product function takes on its maximum value.
e. Find the value of L at which the average product function takes on its maximum value.
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