4. A firm has the following production function: Q = 50L + 6L² – 0.5L3 %3D (a) production function. Draw the total product, average product, and marginal product of labor curves for the (b) At what level of labor does the law of diminishing returns takes effect? (c) that level? What level of labor maximizes the average product? What is the output produced at (d) At what level of labor is total product maximized?

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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.