point of diminishing marginal return
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If a production function is given by the equation Q=12X+ 10x2- x3
where Q=output and X= input then provide the calculations for
a. average product
b. marginal product
c. point of diminishing average returns
d. point of diminishing marginal returns
Note : the ten is supposed to be x-squared and the next one is supposed x cubed. I don't know how to do these symbols on my computer
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The point of diminishing marginal return is featured.
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a) Average product = Q/x=12+10x-x^2
^ indicates raised to the power of
b) Marginal Product = dQ/dx = ...
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