Neco Model Questions Vol1 2017 Economics Question 17
Practice objective / multiple choice question 17 from the 2017 Neco Model Questions Vol1 Economics examination.
A firm uses labour only. The total product (TP) of labour \(L\) (in workers) is given by \(TP = 5L^{2} - 0.2L^{3}\). Determine the number of workers at which average product (AP) is maximised, and find the corresponding maximum AP value. Give the answer for \(L\) (workers) to the nearest whole number and the maximum AP (units per worker) to two decimal places.
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About This Question
This is Neco Model Questions Vol1 2017 Economics Question 17. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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