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Suppose that the production function for floppy disks is given by Q = KL2 L3 where Q is the number of disks produced per year, K is machine-hours of capital, and L is man-hours of labor flow of capital service. a) Suppose K=600. Find the total product function and graph it over the range L=0 to L=500. Then sketch the graph of the average and marginal product function. At what level of labor L does the average product curve appear to reach its maximum? At what level does the marginal product curve appear to reach its maximum? b) Replicate the analysis in (a) for the case in which K=1200. c) When either K=600 or K=1200, does the total product function have a range of increasing marginal returns?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91371051

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