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ENGR.ECONOMIC ANALYSIS
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 alt="How does the slope of the production function illustrate diminishing returns?
The slope of the production function becomes
steep as the quantity of
increases because of diminishing returns.
A. more; capital
B. more; labor
O C. less; labor
D. less; capital
Click to select your answer.
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Transcribed Image Text:How does the slope of the production function illustrate diminishing returns?
The slope of the production function becomes
steep as the quantity of
increases because of diminishing returns.
A. more; capital
B. more; labor
O C. less; labor
D. less; capital
Click to select your answer.
MacBook Air
吕0
000
000
FS
F4
F3
esc
F2
F1
%
#
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- 5. A company that produces auto parts has a production function of Q = 300 L-75 K-5. %3D If L= 250 and K= 25, what is the output of auto parts? If L increases to 350, what is the output of auto parts? What does the change in output show regarding labor as a factor of production?arrow_forwardHelparrow_forwardOutput per worker ($ thousands) 0 Select one or more: 0 Capital equipment per worker ($ thousands) Which TWO of the following statements are correct? O a. The slope of the function is the marginal product of capital. b. The figure shows that each extra $ of capital per worker raises output per worker by an equal amount. ✔ C. The function is "convex" (L.e. it has a slope which increases as capital per worker rises). Od. The figure shows that higher capital per worker increases output per worker. Production functionarrow_forward
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