Were it not for the law of diminishing marginal returns, we could grow the world's food supply from a flowerpot.
Indicate whether the statement is true or false
Question 2
Skateboards are produced according to the production function, q = 10K0.25L0.5 - L. Given that capital is fixed at 16 units in the short run, what quantity of labor is needed to produce 36 units of output?
A) L = 4
B) L = 2
C) L = 25
D) L = 16