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Question 1 4 pts Consider a rm with the following production function: 2 i 3 Q = 60L K2 4L The rm is operating in
Question 1 4 pts Consider a rm with the following production function: 2 i 3 Q = 60L K2 4L The rm is operating in the short run with a xed capital stock of E = 4. Use this to answer the following questions: After what number of workers does diminishing marginal returns begin to occur? 10 After what number of workers does negative marginal returns begin to occur? 20 What quantity of workers will maximize the output per worker (average product of labor). What is the maximum output (total product) the rm is able to produce with the current level of capital? Note: only enter the number itself in your answers. Any added text will give a wrong answer message. Question 2 2 pts Suppose the rm in the previous question is able to increase its capital to E = 9. After what quantity of labor does diminishing marginal returns now occur? What is the maximum output the rm can now produce
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