Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter7: Production Economics
Section: Chapter Questions
Problem 1.5CE
Related questions
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)
- When does the law of diminishing returns take effect?
- Calculate the range of values for labor over which stages I, II and III occur.
- Draw the stages and indicate which stage will the firm consider as per optimal level of input?
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