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2 years ago

Consider the following production function: f(l) = 2l2 - (1/3)l3. at what level of l do diminishing marginal returns begin?

1 answer:

8 0

The outputs produced by a business consider via the inputs used in its production manner. common inputs are exertions hours, capital, and natural assets, while outputs are generally measured in sales

To find the diminishing marginal returns, we will maximize the production function:

F(L) = 2L^2 - (1/3) L^3

First order condition : dF(L) / dL = 0

Therefore, 4L - L^2 = 0

L = 0 or L = 4.

The time period marginal product of labor refers to the production degree that assesses the trade in production output because of exchange inside the production input, hard work in this example. In different phrases, the marginal made from hard work captures the incremental change in output resulting because of an introduced unit of hard work.

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1 year ago

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3 years ago

Coffee beans are an input in the production of coffee. Coffee in turn is a complement to pie. an increase in the price of coffee

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An increase in the price of coffee beans can be expected to increase the demand for pie.

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Hence, this represents the Law of Demand.

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2 years ago

Dr. Bahri discusses how fast an organization can implement lean, what are the two dimensions of lean and how do they relate to o

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3 years ago

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The given websites are examples of Microsites.

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