Question: 1. Construct your own example of a function that has a turning point. Check the second-order conditions to confirm whether this turning point is a maximum or a minimum.
2. A firm attempting to expand output in the short-run faces the total product of labour schedule TPL = 24L2 - L3. At what levels of L will
(a) TPL,
(b) MPL, and
(c) APL be at their maximum levels?