1. Suppose the production function of a firm is given as: Q = SL + 10L2 – 213 a. Find the number of labors that would yield maximum values of TP, AP. and MP? b. Base on the results on "a". provide a range of values that would reflect the three stages of production.

1. Suppose the production function of a firm is given as: Q = SL + 10L2 – 213 a. Find the number of labors that would yield maximum values of TP, AP. and MP? b. Base on the results on "a". provide a range of values that would reflect the three stages of production.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1. Suppose the production function of a firm is given as:
Q = 5L + 10L2 – 2L3
a. Find the number of labors that would yield maximum values of TP, AP. and MP?
b. Base on the results on "a". provide a range of values that would reflect the three stages of
production.

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