Neco Model Questions Vol1 2021 Economics Question 7

Practice objective / multiple choice question 7 from the 2021 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2021 Economics Objective / Multiple Choice Medium Difficulty
Question 7 NECO_MODEL_QUESTIONS_VOL1 • 2021 • ECONOMICS • objective

A firm's total product (output) as a function of labour input \(L\) (in units) is given by \( Q = L^{3} - 9L^{2} + 24L \). Determine the level of labour at which average product equals marginal product, and state the corresponding output and the common product value.

Answer Options

A. Labour = 6 units, Output = 24 units, AP = MP = 4 units per labour
B. Labour = 3 units, Output = 12 units, AP = MP = 4 units per labour
C. Labour = 5 units, Output = 20 units, AP = MP = 4 units per labour
Correct Answer D. Labour = 4.5 units, Output = 16.875 units, AP = MP = 3.75 units per labour
Correct Answer
D
Correct Option:
Labour = 4.5 units, Output = 16.875 units, AP = MP = 3.75 units per labour

About This Question

This is Neco Model Questions Vol1 2021 Economics Question 7. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Economics examination.

Difficulty level: Medium .

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