. Consider the following short-run production function
QUESTION
5. Consider the following short-run production function (where L = variable input, Q = output):Q 1⁄4 6L2 ␣ 0:4L3a. Determine the marginal product function (MPL).Mpl= Qb. Determine the average product function (APL).Apl= Q/Lc. Find the value of L that maximizes Q.apx = 6x-0.4x2d. Find the value of L at which the marginal product function takes on its maximumvalueMPL= max. e. Find the value of L at which the average product function takes on its maximumvalue.Apl= max
ANSWER:
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