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a. Suppose that 0 workers generate 0 output, 1 worker generates 8 units of output, 2 workers generate 20, 3 workers generate 35, 4 workers generate 45, and 5 workers generate 47 units of output, 6 workers generate 47 units of output, while 7 workers generate 44 units of output. Show all work.

b. Calculate the MP and the AP for each worker (15) g. At what point do diminishing returns set in? How would we know this had occurred?

c. Clearly and accurately graph the TP curve, MP curve, AP curve based on the above data.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M91992669

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