Identify the amounts of labor

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Reference no: EM1312302

Q = 42L + 18L² -2L³ WHERE Q= TP (TOTAL PRODUCT) or quantity of output in units and L(labor) in units

Find the following: First solve this problem using an Excel spreadsheet approach and then do the problem using the optimization procedure; compare the answers for the two methods.

The amounts in units of labor when diminishing returns to capital set in and then explain why this happens.
The amount in units of labor used when the average product curve is at its highest point.

What amount of labor in units should be used to get maximum output?

Reference no: EM1312302

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