Question: A.Given the Production Function Q = 72X + 15X2- X3, where Q = Output and X = Input a.What is the Marginal Product (MP) when

A.Given the Production Function Q = 72X + 15X2- X3, where Q = Output and X = Input

a.What is the Marginal Product (MP) when X = 8?

b.What is the Average Product (AP) when X = 6?

B.If the price of capital is $24, the price of labor is $15, and the marginal product of capital is 16, the least costly combination of capital and labor requires that the marginal product of labor be..........?

C.For each of the following functions, describe returns to scale.

a.Q = K + L

b.Q = K1/2L3/4

c.Q = K2L

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