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Posted by Simon on December 04, 19103 at 19:58:42:
...case study Q.: where l is the labour input. (i) Derive the AP function and show that , where AP is a maximum, MP = AP. (ii) Find the value of l for which total product is a maximum. N.B.: (!) I am not asking anyone to complete my homework for me, I would just be genuinley grateful for any feedback on how to approach such an quantative economics case study. I did not get to enjoy the priveldege of higher maths in school and am now struggeling with my current economics studies in the UK... So if anyone might fancy a shot @ the Q. & drop me a line, I'd appreciate your comments! A nice day to everyone out there... Keep safe! Simon
A firm has the following short-run production function:
<>
(AP is the average product and MP is the marginal product).
Also find the maximum total product value.