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1. The following table shows data for a simple production function. Capital (K) Labor (L) Total Product Average Marginal (TP) Product (AP) Product (MP) 10
1. The following table shows data for a simple production function. Capital (K) Labor (L) Total Product Average Marginal (TP) Product (AP) Product (MP) 10 0 10 25 10 2 75 10 3 120 10 83 10 54 10 35 10 7 22 10 8 10 10 9 4 10 10 a. From the information in the table, calculate total and average products. b. Graph the three functions (put total product on one graph and marginal/average products on another). c. For what range of output does this function have diminishing marginal returns? d. At what output is average product maximized
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