Production: one input TP=Q=f(L, K, N,E When kn.e fixed SR TP(L=fL AP(L=TP(L/L MP( L=dTP(L/dL ■ MP is the slope of TP tP maximized when mP= 0Production: one input ◼ TP = Q = f(L,K,N,E) ◼ When K,N,E fixed: SR ◼ TP(L) = f (L) ◼ AP(L) = TP(L) / L ◼ MP(L) = dTP(L) /dL ◼ MP is the slope of TP ◼ TP maximized when MP = 0