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A factory uses capital and labor for their production in the following manner: Q = f(L,K) = 5K + 10KL2 - 4L. In the
A factory uses capital and labor for their production in the following manner: Q = f(L,K) = 5K + 10KL2 - 4L. In the short run, the firm's capital is fixed at 5 units. Determine the firm's total product of labor curve and do the graph. Find the average and marginal product of labor curves and graph them. Identify the quantities of labor for which the firm has increasing, decreasing, and negative returns to scale.
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