Suppose you are to specify a short-run production function for dental services. What inputs might you include in the production function? Which would be the variable inputs and which the fixed inputs?

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Care Production and costs

  1. Suppose you are to specify a short-run production function for dental services.
    What inputs might you include in the production function? Which would be the variable inputs and which the fixed inputs?
  2. In your own words, explain the law of diminishing marginal productivity. Be sure to mention the reason this law tends to hold in the short run.