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In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase Production output only
In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase Production output only by increasing the amount of labor it uses. In Output or Marginal Average the short-run, the firm's production function is q = f(L, K). Labor Product Product Product where q is output, _ is workers, and K is the fixed number O 0 of units of capital. 433 217 217 4 Given a specific equation for production: 891 229 223 6 1,356 233 q = BLK+ 5L
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