1. Answerthefollowingquestions-andillustratewithgraphs

1. Afirmcanmanufactureaproductaccordingtotheproductionfunction Q= F(K, L)= K (3/4) L (1/4)

1. Calculatetheaverageproductoflabor,APL,whenthelevelofcapitalisfixedat16unitsandthe firm uses 16 units of labor. How does the average product of labor change whenthe firm uses 81 units of labor? Illustrate with a graph

1. Aneconomistestimatedthatthecostfunctionofasingle-productfirmisasfollows: C(Q) = 50+25Q+30Q2+5Q3, answer the following and illustrate with a graph .

1. Thefixedcostofproducing10unitsofoutput.b.Thevariablecostofproducing10unitsofoutput.

c.The totalcostofproducing10unitsofoutput.d.The average fixedcostofproducing10unitsof output.

1. Explainthebelow graph

Capital C2 Co C1 K* - S T * LabourLeader 3 6 4 Follower Follower Follower 3 6 3 6 3 6 4 4 4 54 45 27 60 48 24 54 36 Oo 54 60 54 45 48 36 27 24