(Answered) Consider that the short run production function where

Management Studies

Consider that the short run production function (where L=variable input, Q=output):

Q=10L-0.5L²

Also assume that output can be sold for $10 per unit. And Also assume that the firm can obtain as much of the variable input (L) as it needs at $20/L.

a. Determine the marginal product

b. Determine the average product function

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Business Management, Management Studies

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