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typewritten thank youwith detailed solution 2. Suppose that the production function for DVDs is given by Q = KL3 - L3 ,vvhere Q is the
typewritten thank youwith detailed solution
2. Suppose that the production function for DVDs is given by Q = KL3 - L3 ,vvhere Q is the number of disks produced per year, K is machine-hours of capital, and L is man-hours of labor. a) Suppose K = t}. Find the total product function and graph it over the range L = l} to L: 500. Then sketch the graphs of the average product function. At what level of labor L does the average product curve appear to reach its maximum? 3. Are the following statements correct or incorrect\"? Explain. a) If average product is increasing, marginal product must be less than average product. b) If marginal product is negative, average product must be negative. c) If average product is positive, total product must be rising. d) If total product is increasing, marginal product must also be increasingStep by Step Solution
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