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Suppose the production function for widgets is given by: Q= 225K 2 L 2 -K 3 L 3 If capital is fixed at 5. Determine

Suppose the production function for widgets is given by:

Q= 225K2L2-K3L3

If capital is fixed at 5.

  1. Determine how many widgets are produced when marginal product equals zero.
  2. Compared with (1) above, if you are given Labour units as 40 and 25, by how much will production increase or decrease in both cases.
  3. Compute the number of widgets produced when Average product reaches a maximum.

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