ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Exercise 2 A 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: AP₁ curve is maximized when its slope is zero. That is, when the derivative of AP, with respect dAPL to labor is zero, 0] dL c) What is the marginal product of labor, MPL. = 1 d) How much should the firm to produce to maximize marginal product of labor? [Hint: MP₁ curve is maximized when its slope is zero. That is, when derivative of MP, with respect to labor is zero, dMPL = 0] dL e) 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 cross at the point they are equal] f) How much should the firm produce to maximize total product? [Hint: Total product curve is maximized when its slope is zero. That is, when the derivative of q(L) with respect to 0] labor is zero, dq (L) dL
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Transcribed Image Text:Exercise 2 A 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: AP₁ curve is maximized when its slope is zero. That is, when the derivative of AP, with respect dAPL to labor is zero, 0] dL c) What is the marginal product of labor, MPL. = 1 d) How much should the firm to produce to maximize marginal product of labor? [Hint: MP₁ curve is maximized when its slope is zero. That is, when derivative of MP, with respect to labor is zero, dMPL = 0] dL e) 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 cross at the point they are equal] f) How much should the firm produce to maximize total product? [Hint: Total product curve is maximized when its slope is zero. That is, when the derivative of q(L) with respect to 0] labor is zero, dq (L) dL
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Step 2: Calculate the average product of labor.
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