2. Suppose a company produces a commodity X using an input L. The production function is X =
100L – L2.
(a.) Find what level of L maximizes production output, X.
(b.) What levels of L generate an output of X = 0? (there are two different L values)
(c.) Plot the production function
(d.) Find the marginal product of labor (MPL).
(e.) For what values of L is the MPL increasing and decreasing?