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?
C. At what value of X will Q be at its maximum?
D. At what value of X will Diminishing Returns set in?
Answer: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? C. At what value of X will Q be at its maximum? D. At what value of X will Diminishing Returns set in?