Answered: 2-lf you have the following production…

2-lf you have the following production function Q=f( L,K), answer the following: 1. Is this function long or short run? 2. Draw TPI, MPL, APL. 3. Show the stages of the production.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.8P

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Concept explainers

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.

Question

2-If you have the following production function Q=f( L,K), answer the following:
1. Is this function long or short run?
2. Draw TPI, MPL, APL.
3. Show the stages of the production.
4. Explain the relationship between MPL & APL.

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