Consider the production function Q = 10L -.5L2 + 24K - K2 for L and K in

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Consider the production function Q = 10L -.5L2 + 24K - K2 for L and K in the range 0 to 10 units. Does this production function exhibit diminishing returns to each input? Does it exhibit decreasing returns to scale? Explain.

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Managerial economics

ISBN: 978-1118041581

7th edition

Authors: william f. samuelson stephen g. marks

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Question Posted: Jan 30, 2013 01:07 AM

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Consider the production function Q = 10L -.5L2 + 24K - K2 for L and K in

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The production function Q 10L 5L 2 24K K 2 has marginal products MP ...View the full answer

Managerial economics

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