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1. Assume some production relationship can be describeed by the production function
Q = 6X2 -0.4X3

a. Find out the marginal product of X function

b. Find out the average product of X function

c. Determine the value of X that maximizes Q.

2. Assume a firm's short run variable costs are given by
10Q + Q2

a. Compute the marginal cost function

b. If fixed costs are 100, find out the average cost function.

c. Determine quantity that minimizes average costs.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M923058

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