Production Point Capital (K)  Labor (L) Output (Q) A 1 1 2 B 2 2   C 1 3   D 2 4   E 1 5   F 2 6   G 1 7   H 2 8 X The profuction function is given as: Q=αK + βL B andf E lie on the same isoquant, while D and G are on a higher isoquant.  1. a. Determine the production function and solve for the value of X?  b.The given production function shows a long-run production. Explain the reason behind this. c. Keeping capital fixed at 2 unitsk, what is the marginal product of the 10th unit of labor?

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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.