Question

Consider the following short-run production function (where L = variable input, Q =
output):
Q = 6L3 – 0.4L3
a. Determine the marginal product function (MPL).
[1 marks]
b. Determine the average product function (APL).
[1 marks]
c. Find the value of L that maximizes Q.
[1 marks]
d. Find the value of L at which the marginal product function takes on its maximum
value.
[1 marks]
e. Find the value of L at which the average product function takes on its maximum
value.
[1 marks