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Complete the two tables below. You can copy and paste these table into a Word (or other) document and input the values you have calculated.
Complete the two tables below. You can copy and paste these table into a Word (or other) document and input the values you have calculated.
- Define marginal product.
- In the table below, calculate the Marginal Product of each worker.
# Workers | Total Output | MP |
0 | 0 | -- |
1 | 10 | |
2 | 25 | |
3 | 50 | |
4 | 70 |
3. Define diminishing marginal returns.
4. At what quantity does diminishing marginal returns set in?
5. Define marginal cost.
6. Complete the following table. Note: you cannot calculate an average cost or marginal cost when the quantity is 0. The dashes for those entries indicate that they are not applicable.
Output | TFC | TVC | TC | AFC | AVC | ATC | MC |
0 | 50 | 0 | -- | -- | -- | -- | |
1 | 10 | ||||||
2 | 15 | ||||||
3 | 25 |
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