In the short run a firm cannot vary its capital k 2 but, Business Economics

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In the short run a firm cannot vary its capital k 2 but

In the short run, a firm cannot vary its capital, K = 2, but can vary its labor, L. It produces output q. Explain why the firm will or will not experience diminishing marginal returns to labor in the short run if its production function is

a. q = 10L + K

b. q = L^0.5K^0.5

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Business Economics: In the short run a firm cannot vary its capital k 2 but

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Business Economics: In the short run a firm cannot vary its capital k 2 but

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