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1{a] Complete the table below. Assume the following: 0 Each labour costs $100 to hire. 0 There is only one machine which costs $500 and
1{a] Complete the table below. Assume the following: 0 Each labour costs $100 to hire. 0 There is only one machine which costs $500 and is shared among all workers. Number Average Marginal Average Marginal of Total Cost workers Cost 5) 1 2 3 4 5 6 {b} What is the relationship between Marginal Product and Marginal Cost? Explain the connection between these two concepts. [c] Looking at the Marginal Cost figures, identify the output level where the Law of Diminishing Returns sets in
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