Statistics Solutions

(See) Consider the following short-run production function (where L= variable input, Q= output): Q=6 L^2-0.4 L^3 Determine the marginal product function

Question: Consider the following short-run production function (where \(L=\) variable input, \(Q=\) output):

\[Q=6 L^{2}-0.4 L^{3}\]
  1. Determine the marginal product function \(\left(M P_{L}\right)\).
  2. Determine the average product function \(\left(A P_{L}\right)\).
  3. Find the value of \(L\) that maximizes \(Q\).
  4. Find the value of \(L\) at which the marginal product function takes on its maximum value.
  5. Find the value of \(L\) at which the average product function takes on its maximum value.

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