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SHORT RUN PRODUCTION 1. A firm's short-run production function is given by q = 5L¹/² + 3L - 6. [Note: The amount of capi
Posted: Wed Jul 06, 2022 6:21 am
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- Short Run Production 1 A Firm S Short Run Production Function Is Given By Q 5l 3l 6 Note The Amount Of Capi 1 (134.52 KiB) Viewed 14 times
SHORT RUN PRODUCTION 1. A firm's short-run production function is given by q = 5L¹/² + 3L - 6. [Note: The amount of capital used by this firm has been fixed at some constant value.] (Total 8 pts) Find this firm's average product and marginal product of labor functions. (2 pts) Does this firm's average product of labor ever diminish? Use calculus, words, and the necessary concept to answer this
question. (2 pts) 3. Does this firm's marginal product of labor ever diminish? Use calculus, words, and the necessary concept to answer this
question. (2 pts) 4. What is this firm's maximum average product of labor? Use calculus, words, and the necessary concept to answer this
question. (2 pts) 1. 2.