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Consider the following short-run production function where L variable input Q output Q 12L2 08L3 Determine the marginal product function Find the value of L that maximizes

Consider
the following short-run production function (where L = variable input; Q =
output):
Q = 12L2-0.8L3

a.
Determine the marginal product function.
b.
Find the value of L that maximizes Q.
c.
Find the value of L at which the marginal product function takes on
its maximum value.
d.
Find the average product function.
e.
Find the value of L at which the average product function takes on
its maximum value.

May 16 2020 View more View Less

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