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The long-run production function for widgets is:
Q=L.6K.4 whereQ is total output, L is the quantity of labor employed and K is the physical quantity of capital in place.
a. Determine the short-run production function if capital is fixed at 240 units.
b. Calculate short-run TP, AP and MP for the six, seven and eight units of labor with capital fixed at 240 units.
c. To which stage of production do the labor quantities from part b correspond? Explain.
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