ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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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 o…
Question

A firm has a short-run production function as Q = 50 L + 6 L2 – 0.5 L3

Where

Q = Quantity of output per week and L = Labor (number of workers)

 

  1. When does the law of diminishing returns take effect?
  2. Calculate the range of values for labor over which stages I, II and III occur.
  3. Draw the stages and indicate which stage will the firm consider as per optimal level of input?
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