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5. Refer to the production table for knit hats above. See the class handout sample in the Note Sets, Class Handouts,... folder for a model
5. Refer to the production table for knit hats above. See the \"class handout\" sample in the \"Note Sets, Class Handouts,...\" folder for a model of this kind of problem. NOTE: Describe the graphs for a. and b. in writing below if saving a file with your graphs is a challenge. Scanning and saving your work as a pdf and submitting the file is another option. :1.) Graph the production funcan for knit hats {label it \"production function \"). b.) Compute and graph the marginal physical product (WP) curve {label it \"MPP\"). c.) At what amount of labor input does \"the law of diminishing returns\" rst become apparent? 1When the worker is added. d.) Is total oumut still increasing when MPP begins to diminish? e.) When total output stops increasing, what is the value of MPP? Hat Output f MPP [Hats pa" day) Labor Input {workers per day]
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