Answered: Consider the following production…

Consider the following production function TPL = 12L2 – 0.8L3 Find the value of L that maximizes TPL Find the value of L that maximizes APL Find the value of L that maximizes MPL

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

Consider the following production function

TP_L = 12L² – 0.8L³

Find the value of L that maximizes TP_L

Find the value of L that maximizes AP_L

Find the value of L that maximizes MP_L

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