ASSUME THE PRODUCTION FUNCTION WHICH GIVEN AS Q=7L+10L2-L3
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I need the answer ASSUME THE PRODUCTION FUNCTION WHICH GIVEN AS Q=7L+10L2-L3
The given production function is Q = 7L + 10L^2 - L^3, where Q represents the quantity of output and L represents the quantity of labor.
To find the output level Q when a specific level of labor L is used, simply plug in the value of L into the production function and compute the result.
Let's say we want to find the output quantity when L = 3. We substitute L = 3 into the production function as follows:
Q = 7(3) + 10(3^2) - (3^3)
= 21 + 10(9) - 27
= 21 + 90 - 27
= 84
Therefore, when L = 3, the output level Q is 84.
This process can be repeated for any given value of labor L to find the corresponding output quantity Q.