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The following is a hypothetical short-run production function:

Hours of labor Total output Marginal product

0 ? ?
1 100 100
2 ? 80
3 240 ?

What is the total output when 2 hours of labor are employed?
What is the average product of the first three hours of labor?
What is the marginal product of the third hour of labor?

 

Managerial Economics, Economics

  • Category:- Managerial Economics
  • Reference No.:- M9307254

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