Given the Production function for Mwaba & Mutale Enterprises as follows: Q = f (k,l) = 300k 2l2 - k 3l3, Assuming the value of K is 5, Determine the value of L, for which APL is maximum Prove that at the point where MPL is equal to APL , APL is maximum. The value of labor input L, for which output is maximum Total output at this value of labour
Given the Production function for Mwaba & Mutale Enterprises as follows: Q = f (k,l) = 300k 2l2 - k 3l3, Assuming the value of K is 5, Determine the value of L, for which APL is maximum Prove that at the point where MPL is equal to APL , APL is maximum. The value of labor input L, for which output is maximum Total output at this value of labour
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter7: Production Economics
Section: Chapter Questions
Problem 5E
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- Given the Production function for Mwaba & Mutale Enterprises as follows: Q = f (k,l) = 300k 2l2 - k 3l3,
- Assuming the value of K is 5,
- Determine the value of L, for which APL is maximum
- Prove that at the point where MPL is equal to APL , APL is maximum.
- The value of labor input L, for which output is maximum
Total output at this value of labour
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