Ed's building company has the following production function: Q(L)-10LK-0.5L-K where Q is the number of houses built, L is the quantity of labor Ed employs, and K is the quantity of capital Ed employs. In the short-run, capital is fixed at 2. Which of the following statements is FALSE? a. For L < 10, total product of labor is increasing at a decreasing rate. b. For L> 10, total product of labor is decreasing at an increasing rate. c. For L < 10, marginal product of labor is positive and decreasing at a decreasing rate. d. For L>0, marginal product of labor is always below APL.

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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.