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Q. A firm sells its production in a perfectly competitive market at a fixed cost of $10 per unit. It buys 2 inputs L as well as K at costs of $15 / unit as well as $50/ unit respectively as well as has following production function: Q=100L^0.3K^0.5.
a. By using calculus show that the production function exhibits diminishing returns to labor. Interpret your answer.
b. Currently show that if the same production functions also has diminishing returns to capital.
c. The return to capital as well as labor is same? Briefly clarify your answer.
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James earned $10,000 in income in his new job in Nova Scotia after the move and his employer paid him $1,000 specifically to cover the cost of the move, but doesn't specify what it can be used for.
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