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Economics

An economist for the widget company estimated following short term production function.

Q = 7 V + 0.6 V² - 0.1 V³

Where Q is the number of widgets produced per day and V is the number of production workers working and 8 hour day.

a. Develop production function with V = 0, 1, 2,.................. 10

b. Compute the average and marginal products using the data in 'a" above.

c. Draw the graphs and identify the three stages (if any).

d. Compute the AP and MP mathematically and identify the three stages.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9307076

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