Distinguish between short-run and long-run production function. Suppose a production function is given as Q = 10
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Distinguish between short-run and long-run production function. Suppose a production function is given as Q = 10 Z, + 15 L2 – L 3.
(
a) What law of production is indicated by this production function?
(
b) What number of labour will maximize the output?
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