I would like to ask for help regarding problem number 3. Thank you!! Given the firm's short run production function as Q= - 0.1L3+ 6L2+ 12L1. Derive the Marginal Product of Labor function2. Derive the Average Product of Labor function3. Solve for the Labor units where the Total Product is maximized.

Production is an economic activity that helps in transforming the inputs into a final output. The…

Answered: Given the firm's short run production…

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter7: Production Economics

Section: Chapter Questions

Problem 5E

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Similar questions

Suppose that a firm's production function is Q = F(L) = -1L³-30L² + 5,000L. Its marginal product of labor is MPL = -3L2-60L +5,000. a. At what amount of labor input are the firm's average and marginal product of labor equal (other than at L = 0)? Instructions: Enter your answer as a whole number. units. b. Confirm that the average and marginal product curves satisfy the relationship discussed in the text. When the amount of labor input is less than the quantity identified in your answer above, the marginal product of labor is greater than the average product of labor. When labor is greater than the amount identified above, the marginal product of labor is less than the average product of labor.
A farmer uses a certain technology that produces electricity. His production function is given as: q = f (k, l) = 1000k¹⁰/20 – 201³ Where q is the no. of megawatts of electricity his company is producing. Suppose that their electrical generators, k=20, calculate for the following: 1. Marginal product of labor 2. Average product of labor if k=20 3. If k decreases from 20 to 17, calculate the new MP of labor and the average product. Explain intuitively what happens to the MP and the average product.

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Given the firm's short run production function as Q= -0.1L3+ 6L2 + 12L 1. Derive the Marginal Product of Labor function 2. Derive the Average Product of Labor function 3. Solve for the Labor units where the Total Product is maximized.