A daily production function for calculators is Q=12L^2 - L^3. a) Write out an equation for...

Question

Question

A daily production function for calculators is Q=12L^2 - L^3.

a) Write out an equation for the marginal product of labor.

b) Write out an equation for the average product of labor.

business economics

Answer 1

Answer #1

Q= 12 L² - L³

(a) Marginal product of labor , MPL= dQ/dL = 12(2)L^2-1 - (3)L^3-1

= 24 L - 3L²

(b) Average product of labor , APL= Q/L = (12 L² - L³)/L

= 12L - L²

Answer 2

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