Consider the following production function. y =K -2*L -7 For zelected values of K and L this

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Consider the following production function. y =K -2*L -7 For zelected values of K and L this particular production function produces the following output levels. (Y = output, K = capital, L = labor). 4.1 Is there a diminishing return to K or to L7 Explain in detail. 4.2 If there is a diminishing return, give at least 2 suggestions how to improve the situation. o b BY pa

Posted Date: Jun 29, 2024 09:02 PM

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Consider the following production function. y =K -2*L -7 For zelected values of K and L this

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