2-If you have the following production function Q=f( L,K), answer the following : 1. is this function iong or short run? 2. Draw TP! , MPL, APL. 3. Show the stages of the production. 4. Expiain the reiationship between ivMPL & APL. 5. When MPL=0, what does that mean ?

2-If you have the following production function Q=f( L,K), answer the following : 1. is this function iong or short run? 2. Draw TP! , MPL, APL. 3. Show the stages of the production. 4. Expiain the reiationship between ivMPL & APL. 5. When MPL=0, what does that mean ?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 6P

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2-lf you have the following production function Q=f( L,K), answer the following :
1. is this function tong or short run?
2. Draw TP! , MPL, APL.
3. Show the stages of the production.
4. Expiain the reiationship between iviPi & APL.
5. When MPL=0, what does that mean ?

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