d) How much should the firm to produce to maximize marginal product of labor? [Hint: MP₁ curve is maximized when its slope is zero. That is, when derivative of MP, with respect to dMPL dL labor is zero, = 0] e) At what level of labor do the marginal product and average product curves cross? [Hint: The AP and MP, cross at the point at which AP, reaches its maximum - Two curves cross at the point they are equal] f) How much should the firm produce to maximize total product? [Hint: Total product curve is maximized when its slope is zero. That is, when the derivative of q (L) with respect to labor is zero, dq (L) dL = 0]

d) How much should the firm to produce to maximize marginal product of labor? [Hint: MP₁ curve is maximized when its slope is zero. That is, when derivative of MP, with respect to dMPL dL labor is zero, = 0] e) At what level of labor do the marginal product and average product curves cross? [Hint: The AP and MP, cross at the point at which AP, reaches its maximum - Two curves cross at the point they are equal] f) How much should the firm produce to maximize total product? [Hint: Total product curve is maximized when its slope is zero. That is, when the derivative of q (L) with respect to labor is zero, dq (L) dL = 0]

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter7: Production And Cost In The Firm

Section7.A: Appendix: A Closer Look At Production And Cost

Problem 1AQ

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