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    Short-Run Production and Marginal and Average Product

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    Consider the following short-run production function (where L = variable input, Q = Output): Q = 6L2 - 0.4L3

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

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    https://brainmass.com/economics/production/short-run-production-marginal-average-product-509403

    Solution Preview

    Q1. Consider the following short-run production function (where L = variable input, Q = Output): Q = 6L2 - 0.4L3

    a. Determine the marginal product function (MPL)
    Q=6L^2-0.4L^3
    Marginal product of L=MPL=dQ/dL=12L-1.2L^2

    b. Determine the average product ...

    Solution Summary

    This solution determines the marginal product function, the average product function, the value of L that maximizes quantity, the value of L at which the marginal product function takes on its maximum value, and the value of L at which the average product function takes on its maximum value.

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