Economics for Business Decisions-
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Economics for Business Decisions-


  • Undergraduate
  • 3037

Short excerpt:

Always Round Tire has a production function of Q 300 L.75 K.5. In the short run, if L 250 and K 25, what happens to the output of tires if L jumps to 300 and then 350. What law does this illustrateWhen L250 and K25 then Q94307. When L increases to 300, Q increases to 108,127. When L increases to 350, Q increases to 121,379. This shows the effects of diminishing marginal returns to labor as a factor of production.

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