1. A yacht builder uses labor and capital to produce yachts as described by the following production function: Q = f(K,L) = 120K2L2K3L3 In the short run the firm's capital is fixed at 10 units. The firm's marginal product equation is: 24,000L - 3,000L2 a. Determine the firm's total product equation b. Determine the average product equation c. At what level of labor use do diminishing returns set in? Hint: OMP JL = 24,000-6,000L At what level of labor use is average product of labor maximized? At what level of labor use is the firm's (Q) maximized? What is the maximum number of yachts the firm can produce in the short run?