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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is an aggregate production function?

To determine

To write:

About aggregate production function.

Explanation

The key property of aggregate production function is that output increases with rise in inputs meaning the marginal products of these inputs are all positive, and inputs, mainly labour and capital, have diminishing marginal product...

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