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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 output only by
In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q = f(L,K), where q is output, L is workers, and K is the fixed number of units of capital. Labor (L) 0 Production Output (9) 0 433 891 A specific equation for the production function is given by: 2 4 6 q = 8LK + 5L2 () 3 1,813 8 10 or , when K = 26, 12 2,640 3 q = (8L x 26) + 5L2 Use this equation to generate the values for output and fill in the table to the right. (Round your answers to the nearest integer.)
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