Given the Production Function Q = 72X + 15X² -

question 20

Essay

Given the Production Function Q = 72X + 15X² - X³,where Q = Output and X = Input
a.What is the Marginal Product (MP)when X = 8?
b.What is the Average Product (AP)when X = 6?
c.At what value of X will Q be at its maximum?
d.At what value of X will Diminishing Returns set in?

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Definitions:

Plasticity

The capacity of the brain to change and adapt in response to experience, environment, or injury.

Sweet Tastes

The sensory experience perceived by taste receptors on the tongue in response to the presence of sugar or other sweet substances.

Salty Tastes

A basic taste sensation experienced when sodium ions are present in the food or substance being consumed.

Universal

A term applied to concepts, conditions, or principles that are thought to be applicable to all instances or in all cases.