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)
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Chapter7: Production Economics
Section: Chapter Questions
Problem 5E
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  1. Given the Production function for Mwaba & Mutale Enterprises as follows: Q = f (k,l) = 300k 2l2 - k 3l3,

 

  1. 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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