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The graph below shows a production function and the subsistence level of output.
a)does the production function exhibit encreasing or decreasing marginal prductivity?
b)label a level of population at which the population is expected to grow. What is the surplus output at that population level?
c) label a level of population at which the population is expected to decline. Why is the population dexlining at this point?
d)label the population at which the economy is in long-run equilibrium. Why is the a long-run equilibrium?
GRAPH
(output) on the left, (labor) underneith X and Y axis then from the corner of that right angle axis a 45 degree straight line (subsistence level of output) then at that same corner point of the right angle a arch like a rainbow (production function) goes through the 45 degree
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