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The Noble Widget Corporation produces just one product, widgets. The company's new economist has calculated a short-run production function as follows: Q=7V+0.6V^2-0.1V^3 where Q is
The Noble Widget Corporation produces just one product, widgets. The company's new economist has calculated a short-run production function as follows:
Q=7V+0.6V^2-0.1V^3
where Q is the number of widgets produced per day and V is the number of production workers working an 8-hour day.
a. Develop a production schedule with V equaling 1 to 10.
b. Calculate average and marginal products.
c. Draw a graph.
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