Purchase Solution

Economics :production function

Not what you're looking for?

Ask Custom Question

Q= 12x + 10x squared - x to the third power

Where Q = Output and X = Input, then calculate the equations for

a. average product
b. marginal product
c. point of diminishing average returns
d. point of diminishing marginal returns

Purchase this Solution
Solution Summary

Word file contains calculations and equations for average product , marginal product , point of diminishing average return and point of diminishing marginal return. See excel file for graphs.

Solution Preview

Hello

See the word file for calculations and equations. See excel file for graphs.

Q= 12x + 10x squared - x to the third power

Where Q = Output and X = Input, then calculate the equations for

a. average ...

Purchase this Solution
Free BrainMass Quizzes
Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

View More Free Quizzes
Related BrainMass Solutions

  • Regression - Managerial Economics

    Since α + β = 0.664 + 0.321 = 0.985 < 1, the production function exhibits decreasing returns to scale. The solution examines managerial economics

  • Production Economics: Cost Analysis

    509242 Production Economics and Cost Analysis "Cost Analysis" : Production Economics & Cost Analysis - Pick a good or service. Distinguish between the short-run and the long-run production and cost function for that good or service.

  • returns to scale

    284866 MBA Economics: Returns to Scale Consider the production function Q=10L-.5L^2+24K-K^2 for L and K in the range 0 to 10 units. Does this production function exhibit diminishing returns to each input? Does it exhibit decreasing returns to scale?

  • International Economics for Basic Trade Models

    b) Next, assume that acid rain in Canada is an increasing function of automobile production in the United States (Canadian automobile production is assumed not to contribute to the Canadian acid rain problem).

  • Finding the production function in the given case

    566042 Managerial Economics The Production Function for Wilson Company Economists at the Wilson Company are interested in developing a production function for fertilizer plants.

  • economic terms

    In my workplace the production function can be perceived, the way in which the cost of production affects the prices of drilling machines, lathes and other machines. The shifts in supply curve because of cost conditions can be observed in action.

  • Economics Production Schedule

    68258 Economics Production Schedule The owner of a car wash is trying to decide on the number of people to employ based on the following short-run production function: Q = 6L - 0.5L2, with the corresponding marginal product of labor equation, MPL = 6

  • Accounting costs, profits, Economics profit

    Varying degree of technological process will cause a shift in the whole production function. The production function will shift to different levels with varying degrees of technological progress.

  • nature of returns of scale

    Describe the nature of returns of scale for this production function.

View More Related Solutions