Consider the following short-run production function: q = 5 - 1/3 . At what level of L do diminishing marginal returns begin? At what level of L do diminishing returns begin?
What will be an ideal response?
MP = 10L - . Marginal product peaks when L = 5 and equals zero when L = 10. Thus diminishing marginal returns begin when L = 5, and diminishing returns begin when L = 10.
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A) $22.5. B) $0.044. C) $30.33. D) $20.
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What will be an ideal response?
Refer to the above figure. At a price of four cents, a(n) ________ of bubble gum will exist in the market
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Answer the following statement true (T) or false (F)