Consider the following short-run production function q 5l2, Ask an Expert

Economics

Consider the following short-run production function: q = 5L^2 − 1/3L^3

(a) Derive a marginal product of labor.

(b) Derive an average product of labor.

(c) At what level of L is the average product of labor maximized? If necessary, assume that the level of L is strictly positive.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91707584

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