A Short-Run Production Function Was Estimated As $Q = - 0.002 L ^ { 3 } + 0.16 L ^ { 2 }$

question 22

Multiple Choice

A short-run production function was estimated as $Q = - 0.002 L ^ { 3 } + 0.16 L ^ { 2 }$ What is average product when it is at its maximum level?

• A)3.20
• B)8.75
• C)6.92
• D)6.00
• E)9.40

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Definitions:

World Systems

A socio-economic concept that views the global economy as a complex system governed by interactions between different countries and regions, categorizing them as core, periphery, and semi-periphery.

Benefits

Advantages or positive outcomes resulting from various actions, policies, or circumstances, often used in social, economic, and health contexts.

Drawbacks

Negative aspects or disadvantages associated with a situation, decision, or action.

Standard of Living

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a geographic area.