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Suppose, after collecting data on an existing firm's actual short-run ouput, the following production function is found to match the data:
TP = Q = 5*L + 0.6*L2 - 0.01*L3
1. Using the equation above, find the following equations and complete the table below (Round correctly to 0 decimals for TP and 2 decimals for APL and MPL)
a. APL =
b. MPL =
a hypervisor is computer hardware platform virtualization software that allows multiple different operating systems os
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Assume that the growth rate you calculated in question #1 remains the same for the next 20 years. Calculate the price of the house in 20 years.
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