Question: A firm has the production function: f(L, K) = KL2-213 The firm is operating in the short run with a fixed capital stock of K

A firm has the production function: f(L, K) = KL2-213 The

A firm has the production function: f(L, K) = KL2-213 The firm is operating in the short run with a fixed capital stock of K = 36. (a) Derive the marginal product of labor and average product of labor functions. Over what range of labor input does Diminishing Marginal Returns occur? What is the maximum attainable total output? What is the maximum output per worker? Confirm and show that the average product of labor is greatest when the average product equals the marginal product. (f ) Suppose the capital stock increases to K = 72. How does this change the point where diminishing marginal returns begins

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