Question
Given the Production Function of a perfectly competitive firm: Q = 60L + 12L 2 - L 3 , where Q =Output and L =
Given the Production Function of a perfectly competitive firm: Q = 60L + 12L2 - L3, where Q =Output and L = labor input
At what value of L will Diminishing Returns take effect?
Answer:
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Principles of Economics
Authors: N. Gregory Mankiw
8th edition
1305585127, 978-1305971493, 978-1337516860, 1337516864, 978-0357539200, 978-1305585126
