Essay
Ed's building company has the following production function
q = 20L - L2
where q is the number of houses built and L is the quantity of labor Ed employs.
a.Derive the MP and AP.
b.For what values of L is the MP > 0? For what values of L is the MP diminishing?
c.Draw the MP and AP on a graph.
Correct Answer:
Verified
a.MP = dq/dL = 20 - 2L;AP = 20...View Answer
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Correct Answer:
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