1. Assume some production relationship can be explained by the production function
Q = 6X2 -0.4X3
a. Find out the marginal product of X function
b. Find out the average product of X function
c. Determine the value of X that maximizes Q.
2. Assume a firm's short run variable costs are given by
10Q + Q2
a. Compute the marginal cost function
b. If fixed costs are 100, calculate the average cost function.
c. Determine quantity that minimizes average costs.