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Multiple alternative combinations of factor inputs

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Question

Explain the logic of being capable of producing a certain level of output through your use of multiple alternative combinations of factor inputs. Incorporate into your response how the theory of the law of diminishing returns impacts the quantities of the factor inputs included in each of the stated alternatives (e.g. if one combination is 6 workers and 1 machine and a second combination is 3 workers and 2 machines and either combination will produce the same level of output, why did the addition of only 1 machine allow for the elimination of 3 workers).

Reference no: EM133268629

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