The production function for Good X.

L Labor	K Capital	O Output	MP=(^Q/^K) Marginal Product of Capital	AP=(Q/K) Average Product Of Capital
9	0	0	--	--
9	10	57	5.7	5.70
9	20	324	26.7	16.20
9	30	657	33.3	B
9	40	1072	41.5	26.80
9	50	1524	45.2	30.48
9	60	1976	45.2	32.93
9	70	2391	41.5	34.16
9	80	2724	33.3	34.05
9	90	2991	A	33.23
9	100	3048	5.7	30.48
9	110	3016	-3.2	27.42
9	120	2943	-7.1	24.54

1) Is the production function for good X exhibited in the above table for the long run or the short run? Explain your answer.

2) The marginal product of capital of producing 2,991 units of output (find point A) in the above table is equal to what?

3) The production function for good X in the above table exhibits increasing marginal returns to capital over what output range?

4) The production function for good X in the above table exhibits negative marginal returns to capital over what output range?

5) The production function for good X in the above table exhibits decreasing marginal returns to capital over what output range?

6) The average product of capital of producing 2,991 units of output (find point B) in the above table is equal to what?

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1 The Production Function For Good X Exhibited In The Above Table Is The Short Run Because From ... View the full answer