Neco 2019 Economics Question 10

Practice objective / multiple choice question 10 from the 2019 Neco Economics examination.

Neco 2019 Economics Objective / Multiple Choice Medium Difficulty
Question 10 NECO • 2019 • ECONOMICS • objective

A firm's total product function (with capital fixed) is \(Q = L^{3} - 3L^{2} + 4L\), where \(L\) denotes labour units and \(Q\) output units. Determine the level of labour at which average product of labour equals marginal product of labour, and compute the corresponding output.

Answer Options

Correct Answer A. L = 1.5, Q = 2.625
B. L = 2.0, Q = 4.0
C. L = 1.5, Q = 3.0
D. L = 1.0, Q = 2.0
Correct Answer
A
Correct Option:
L = 1.5, Q = 2.625

About This Question

This is Neco 2019 Economics Question 10. It is one of the objective questions from the 2019 Neco Economics examination.

Difficulty level: Medium .

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