Consider the Following Short-Run Production Function: Q = 5L² -

question 47

Essay

Consider the following short-run production function: q = 5L² - 1/3 L³.At what level of L do diminishing marginal returns begin? At what level of L do diminishing returns begin?

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Definitions:

Organic System

A concept in management and organizational theory describing organizations that are flexible, adaptive, and less formal in structure, often in response to a changing environment.

Department

A specialized division within an organization that focuses on a specific area of work.

Bureaucracy

A structured organization characterized by a hierarchy of authority, complex rules, and a focus on procedure and administrative tasks.

Distributors

are intermediaries that move products from manufacturers to the market, often adding value through logistics, marketing, and sales support.