Suppose a short-run production function is given as follows: Q = 2 L 2 + 0.2 L
Question:
Suppose a short-run production function is given as follows:
Q = 2 L 2 + 0.2 L 3 where Q = output and L = variable input.
Find the following:
(
a) marginal product function,
(
b) average product function, and
(
c) value of L that maximizes Q.
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