Essay
Given the Production Function Q = 72X + 15X2 - X3,where Q = Output and X = Input
a.What is the Marginal Product (MP)when X = 8?
b.What is the Average Product (AP)when X = 6?
c.At what value of X will Q be at its maximum?
d.At what value of X will Diminishing Returns set in?
Correct Answer:
Verified
a.MP = 72 + 30X - 2X2,MP =120 when X=8; b...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q15: Which of the following indicates when Stage
Q16: What are the major issues that must
Q17: Which of the following statements about the
Q18: When is it not in the best
Q19: In economic theory,if an additional worker adds
Q21: A firm using two inputs,X and Y,is
Q22: The marginal product of the variable input<br>A)is
Q23: What does the expansion path represent?
Q24: In the short run,finding the optimal amount
Q25: Which of the following is the best