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Short-term production function: Q = 50L + 6L2 - 0.5L3

a. When does the law of diminishing returns begins to take effect?

b. find out the value range of labor during phases 1, 2 and 3.

c. Suppose that each worker makes $ 10 an hour and works 40 hours per week. How many workers we hire if the product price is $ 10. Suppose the price falls to $ 7.50. What would be a short-term impact on the production of the company. What would be the long term.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M947925

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