1. You are given the following long-run cost function: TC = 80Q - 15Q 2 + 1.5Q...
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Question:
1. You are given the following long-run cost function:
TC = 80Q - 15Q2 + 1.5Q3
What level of Q will economies of scale ends and diseconomies of scale begin?
2. Suppose a firm's production function is Q = 200L + 5L2 - 0.08L3.
What is the Average Production of Labor (APL)? Note: if your answer contains exponents, use the "^" before the exponent. Example, "L squared" should be typed as "L^2".
3. Suppose a firm's production function is Q = 50L + 2L2- 0.05L3.
What is the Marginal Production of Labor (MPL)?
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