# Question

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.

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