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Marginal Product and Marginal Cost 90 80 70 60 50 40 30 20 10 1 2 3 4 5 6 7 -Marginal Product (MP) -Marginal

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Marginal Product and Marginal Cost 90 80 70 60 50 40 30 20 10 1 2 3 4 5 6 7 -Marginal Product (MP) -Marginal Cost (MC) $ Using both the Marginal Product and Marginal Cost curves in your diagrams above, explain the relationship between Marginal Product and Marginal Cost. Is this relationship the same in the long run as in the short run? Explain

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