Suppose the production function for juice is given by:
Q = f (K,L) = KL − 0.4K2 − 0.6L2
(a) Suppose L =16 (is fixed), derive an expression for and graph the total product of capital curve (the production function for a fixed level of labor) and the average productivity of capital curve.
(b) At what level of capital input does the average productivity reach a maximum? How much juice is produced at this point?
(c) Again, assuming L=16, derive an expression for and graph the MPK curve. At what level of capital input does MPK =0?
(d) Does this production function exhibit constant, increasing or decreasing returns to scale?
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