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Suppose, after collecting data on an existing firm's actual short-run ouput, the following production function is found to match the data: TP = Q =...

Suppose, after collecting data on an existing firm's actual short-run ouput, the following production function is found to match the data: 

TP = Q = 5*L + 0.6*L2 - 0.01*L3 

1. Using the equation above, find the following equations and complete the table below (Round correctly to 0 decimals for TP and 2 decimals for APL and MPL)


a. APL =    



b. MPL =    

Top Answer

APL=5+0.6L+0.01... View the full answer

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