# Question: A firm s short run production function is given by Q

A firm’s short- run production function is given by

Q = 1/2L2 for 0 ≤ L ≤ 2

And

Q = 3L – 1/4L2 for 2 < L ≤ 7.

a. Sketch the production function.

b. Find the maximum attainable production. How much labor is used at that level?

c. Identify the ranges of L utilization over which the marginal product of labor is increasing and decreasing.

d. Identify the range over which the marginal product of labor is negative.

Q = 1/2L2 for 0 ≤ L ≤ 2

And

Q = 3L – 1/4L2 for 2 < L ≤ 7.

a. Sketch the production function.

b. Find the maximum attainable production. How much labor is used at that level?

c. Identify the ranges of L utilization over which the marginal product of labor is increasing and decreasing.

d. Identify the range over which the marginal product of labor is negative.

**View Solution:**## Answer to relevant Questions

Each problem on an exam is worth 20 points. Suppose that from the last seconds you devoted to Problem 10 on the exam you earned 2 extra points, while from the last seconds devoted to Problem 8 you earned 4 extra points. The ...The Philadelphia Police Department must decide how to allocate police officers between West Philadelphia and Center City. Measured in arrests per hour, the average product, total product, and marginal product in each of ...Why does the short-run MC curve cut both the ATC and AVC curves at their minimum points?A firm employs a production function Q = F( K, L) for which only two values of K are possible, K1 and K2 . Its ATC curve when K = K1 is given by ATC1 = Q2 - 4Q + 6. The corresponding curve for K = K2 is ATC2 = Q2 - 8Q + 18. ...Suppose that a firm has the following production function: Q (K, L) = 2L √K.a. If the price of labor is 2 and the price of capital is 4, what is the optimal ratio of capital to labor? b. For an output level of Q = 1000, ...Post your question