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Answer to Question #45250 in Economics of Enterprise for biruk zewdie
Question #45250
Given the following short run production function Q=12L-4L,
what will be the maximum production?
what is the range of feasible units of labor that determines second stage of production
what will be the maximum production?
what is the range of feasible units of labor that determines second stage of production
Expert's answer
Q=12L-4L = 8L,
This production function has no maximum point, because in is continuously rising.
The range of feasible units of labor is L > 0, and it can't be determined more
exactly in the second stage of production, because there is not enough
information.
This production function has no maximum point, because in is continuously rising.
The range of feasible units of labor is L > 0, and it can't be determined more
exactly in the second stage of production, because there is not enough
information.
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