onsider a short run production function q = cL+K where the value for c =: sing L units of labour and K units of capital. a) Compute the marginal product of labour. b) Does the production function exhibit decreasing, increasing constant returns to scale? With a diagram. ote: The writing is clear and abbreviations are not allowed.

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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.