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QUESTION
The following cubic equation is a long-run production function for a firm: Q = -0.002K3L3 + 6K2L2 Suppose the firm employs 10 units of capital.
The following cubic equation is a long-run production function for a firm: Q = -0.002K3L3 + 6K2L2 Suppose the firm employs 10 units of capital.
i.What are the equations for the total product, average product, and marginal product of labour curves?
ii.At what level of labour usage does the marginal product of labour begin to diminish?
iii.Calculate the marginal product and average product of labour when 10 units of labour are being employed. Now suppose the firm doubles capital usage to 20 units. Give the answer it WITH CALCULATIONS
