Consider the following short-run production function

Consider the following short-run production function: q = 5L2 – (1/3) L3.

Consider the following short-run production function: q = 5L2 – (1/3) L3.

Question
Consider the following short-run production function: q = 5L
2 – (1/3) L
3
.

a
. At what level of L do diminishing marginal returns begin? Show your derivation
.

b
. At what level of L do diminishing returns begin? Show your derivation
.

c
. At what level of L does the marginal product of labor equal the average product of labor? Show your derivation
.

Consider the following short-run production function: q = 5L2 – (1/3) L3.

Place New Order
It's Free, Fast & Safe

"Looking for a Similar Assignment? Order now and Get a Discount!

Feeling Lucky?

Enter your email address to spin the wheel for a chance to win exciting offers.