Michael's Dairy Farm Production Function Is Given by Where

question 28

Essay

Michael's Dairy farm production function is given by where K is the number of machine milkers and L is the amount of labor hours he uses. Does this production function exhibit increasing, constant or decreasing returns to scale? Holding the number of machine milkers constant at 16, is the marginal product of labor increasing, constant or decreasing as more labor is used?

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Definitions:

Noxious Odour

An unpleasant or harmful smell often indicative of pollutants or chemical substances.

Cathartic

Having the effect of purging or cleansing, often related to the emotional release from expressing troubling emotions.

Therapeutic Effect

The beneficial outcomes or purposes of a treatment or medication in improving a patient's condition or symptoms.

Bowel Movement

Refers to the process of excreting waste from the large intestine through the rectum and anus, essential for digestive health.