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Suppose you are given the following information for Springfield Spring Corp., a firm that produces Springfield Springs:

Inputs of labor Total Product Marginal Product (MP) Average Product (AP)
0 0 -- --
1 120
2 270
3 450
4 650
5 860
6 1050
7 1200
8 1300
9 1350
10 1360

i) Fill in the columns for MP and AP to complete the table above.
ii) Does this production data illustrate the law of diminishing returns? Why or why not?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M946311

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