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Answer to Question #24706 in Economics of Enterprise for Mohamed Abdi

Question #24706
Question 7 Consider the following short-run production function (where L = variable input, Q = output): Q = 6L3 – 0.4L3 a. Determine the marginal product function (MPL). [1 marks] b. Determine the average product function (APL). [1 marks] c. Find the value of L that maximizes Q. [1 marks] d. Find the value of L at which the marginal product function takes on its maximum value. [1 marks] e. Find the value of L at which the average product function takes on its maximum value. [1 marks] [TOTAL: 5 MARKS]
Expert's answer
Consider the following short-run production function (where L = variable input, Q = output): Q= 6L3 – 0.4L3
a.Determine the marginal product function (MPL).
MPL = Q' = 16.8L2
b.Determine the average product function (APL).
APL = Q/L = 5.6L2
c.Find the value of L that maximizes Q.
Q = max, when Q' = MPL = 0, L = 0
d.Find the value of L at which the marginal product function takes on its maximum
MPL = max, when MPL' = 0, 33.6L = 0, L = 0
e.Find the value of L at which the average product function takes on its maximum value.
APL = max, when APL' = 0, 11.2L = 0, L = 0

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