Show full answers and steps to this exercise Exercise 2A firm has the single-input production function q(L) = 12L² - - 21³.a) What is the average product of labor, AP₁.b) How much should the firm produce to maximized average product of labor? [Hint: AP₁curve is maximized when its slope is zero. That is, when the derivative of AP, with respectdAPLto labor is zero,0]dLc) What is the marginal product of labor, MPL.=1d) How much should the firm to produce to maximize marginal product of labor? [Hint: MP₁curve is maximized when its slope is zero. That is, when derivative of MP, with respect tolabor is zero, dMPL = 0]dLe) At what level of labor do the marginal product and average product curves cross? [Hint:The AP and MP, cross at the point at which AP, reaches its maximum - Two curves crossat the point they are equal]f) How much should the firm produce to maximize total product? [Hint: Total product curveis maximized when its slope is zero. That is, when the derivative of q(L) with respect to0]labor is zero,dq (L)dL

The production function shows the relationship with the input used and output produced. Average…

Exercise 2 A firm has the single-input production function q(L) = 12L² - 21³. a) What is the average product of labor, APL. b) How much should the firm produce to maximized average product of labor? [Hint: AP₁ curve is maximized when its slope is zero. That is, when the derivative of AP, with respect to labor is zero, = 0] dAPL dL c) What is the marginal product of labor, MPL.

Exercise 2 A firm has the single-input production function q(L) = 12L² - 21³. a) What is the average product of labor, APL. b) How much should the firm produce to maximized average product of labor? [Hint: AP₁ curve is maximized when its slope is zero. That is, when the derivative of AP, with respect to labor is zero, = 0] dAPL dL c) What is the marginal product of labor, 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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