(Answered) A cost minimizing firm has the following short run

Economics

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, Economics

Category:- Macroeconomics
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