Question
1.1a)Complete the following table by calculating the marginal product of labor and the average product labor from the data given. Plot total output, marginal and
1.1a)Complete the following table by calculating the marginal product of labor and the average product labor from the data given.Plot total output, marginal and average product and explain in detail the relationship between each pair of curves.(Label your horizontal axis with # labor units. Use the blank graphing paper provided under the "NEWS" item on D2L.)
1b) Explain why marginal productivity first rises, then declines, and ultimately becomes negative.What bearing does the law of diminishing returns have on shortrun costs?Be specific."When marginal product is rising, marginal cost is falling.And when marginal product is diminishing, marginal cost is rising."Illustrate and explain graphically.
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