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The Ascot Corporation, which produces stationery, hires a consultant to estimate its production function. The consultant concludes that Q = 0.9P + 0.06Lwhere Q is the number of pounds of stationery produced by Ascot per year, L is the number of hours of labor per year, and P is the number of pounds of paper used per year. Does this production function seem to include all the relevant inputs? Explain.
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