Find the total product and average product

Reference no: EM13159932

You were appointed to manage the production facility of your new factory in Saint John. A think tank estimated the following short-run production relationship between your variable input L (number of workers) and your output per week Q based on some historical data obtained from your old, and currently existing, facility.

Q = 4L + L² - 0.1L³

and the corresponding MP_L is

MP_L = δQ/δL = 4 +2L - 0.3L²

Unfortunately, Mr. Econ, the consultant, did not provide a graphical presentation of your short-run production function and you needed that to complete your report that will be sent to the shareholders in the next general meeting.

(i) Find the total product, average product and marginal product for integer values of L from 1 to 9. Plot the total product on a graph and the average and marginal product on another as shown in class. You do not need to plot those curves to scale, yet you need to show the ináection point, maximum total product, zero marginal product, maximum average product and their associated values.

(ii) If you are in the process of hiring workers, what is the acceptable number of workers that you should be seeking? Why?

Reference no: EM13159932

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