Given the production function of a commodity q 40L 3L2 where q output L labour i...........

Economics-I Mathematical Methods in Economics

Given the production function of a commodity q = 40L + 3L² - $\tiny \frac{\L^3 }{\ 3}$ , where q = output, L = labour input. Verify that when the average is maximum, it is equal to marginal product. Plot AP and MP on the graph paper. (4 Marks) (80 words)