ASSUME THE PRODUCTION FUNCTION IS GIVEN AS Q=F(L),Q=7L+10L2-L3
answer
solution
For knowledge
The given production function is Q = 7L + 10L^2 - L^3. This equation represents the output quantity, Q, as a function of the input variable, L, which represents the amount of labor used in production.
To find the output quantity for a given value of L, substitute that value into the function and calculate the result. Let's say we want to find the output quantity when L = 5.
Step 1:
Plug in the value of L into the equation: Q = 7(5) + 10(5^2) - (5^3)
Step 2:
Perform the calculations inside the parentheses: Q = 35 + 10(25) - (125)
Step 3:
Perform the multiplication and subtraction: Q = 35 + 250 - 125 = 160
Therefore, when L = 5, the output quantity Q would be 160.
You can use the same process to calculate the output quantity for any other given value of L using the production function equation Q = 7L + 10L^2 - L^3.