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Consider the production function f(L,K)=L+K. Suppose K is fixed at 2. (a) Find algebraic expressions for the total product of labor function TP(L), the average product of labor AP(L), and the marginal product of labor MP(L). (b) Graph the functions in part a. Does your answer to part b violate the rule describing the relationship between average and marginal values? Explain.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91819978

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