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A firm's short-run production function is given by Q = 1/2.L^2 for 0 \le L \le 2 and Q = 3L - 1/4.L^2 for 2 \le L \le 7 a) Sketch the
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Define production function. Distinguish between short run and long run production functions. OR Define cost. Distinguish between fixed and variable costs. Give one example of each.
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Short Run and Long Run Production Function
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