Question

A demand curve is given by: Q=aL³+bL²+cL+d. Find the marginal product function and the average product function

Answer 1

Answer to Question #90978, Economics / Finance

$$M a r g i n a l \quad p r o d u c t \quad f u n c t i o n = \frac {d Q}{d L} = 3 a L ^ {2} + 2 b L + c$$ $$A v e r a g e \quad P r o d u c t \quad f u n c t i o n = \frac {T P}{L} = \frac {Q}{L} = a L ^ {2} + b L + c + \frac {d}{L}$$

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