Question: 7. A firm's short-run production function is given by Q=%L2 for0 7. A firm's short-run production function is given by Q = LL2 for O

7. A firm's short-run production function is given by Q=%L2 for0

7. A firm's short-run production function is given by Q = LL2 for O and Q = 3L -LL2 for 2 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 decreas- ing. d. Identify the range over which the marginal product of labor is negative. (LOI, L04)

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