Consider the production functionQ=48L 2 -2L 3 with associatedMP L =96L-6L 2 . At

Question

Consider the production functionQ=48L2-2L3 with associatedMPL=96L-6L2. At what value of L... a) is average product at its maximum? b) is marginal product at its maximum? c) is total product at its maximum? d) do diminishing marginal returns set in? e) What is the value of Q when it is at its maximum? f) What is the value of Q when diminishing marginal returnsset in? Consider the production functionQ=48L2-2L3 with associatedMPL=96L-6L2. At what value of L... a) is average product at its maximum? b) is marginal product at its maximum? c) is total product at its maximum? d) do diminishing marginal returns set in? e) What is the value of Q when it is at its maximum? f) What is the value of Q when diminishing marginal returnsset in?

Explanation / Answer

a

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