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Assume that the short-run production function for a specific product is represented by:

, 000L2 - 1,000L3

a) Find out the marginal product and show mathematically that the labor is subject to diminishing returns.

b) Beyond what labor practice, the marginal product becomes negative.

c) Show mathematically that whenever the average product is at maximum, marginal product is equivalent to it?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M915927

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