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The following cubic equation is a long-run production function for a firm:

where Q is the number of units produced per year. Suppose the firm employs 25 units of capital. What is the total product, average product, and marginal product when 10 units of labor and 25 units of capital are employed, then for 10 units of capital and 25 units of labor?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M945705

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