Solved: Briefly explain why this is short run production function, Macroeconomics

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Briefly explain why this is short run production function

A cost minimizing firm has the following short run production function

Q=f(L,K)=72L + 5L^2 - 0.2L^3

(a) Briefly explain why this is short run production function.

(b) At what level of employment would diminishing returns set in for the variable input?

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Macroeconomics: Briefly explain why this is short run production function

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Solution Preview :

Prepared by a verified Expert

Macroeconomics: Briefly explain why this is short run production function

Reference No:- TGS0670000

Have a Question? (oR Write a Review)

Recent Questions Asked Macroeconomics

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Solution Preview :

Prepared by a verified Expert

Macroeconomics: Briefly explain why this is short run production function

Reference No:- TGS0670000

Recent Questions Asked Macroeconomics

Q : Firm lsquoarsquo can make either 500 flashlights or 2000

Q : Why is it important to develop the skill of

Q : If we had a ppf with the goods oil and lumber how would be

Q : Assume consumers expect a recession to begin in the next

Q : Briefly explain why this is short run production function

Q : Acetylene gas burns in oxygen to produce carbon dioxide

Q : A what activity operation or environment is this project

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