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PRODUCTION FUNCTION EXERCISE MICRO ECONOMICS gm; TP M P AP 0 0 _ _ 1 15 _ _ 2 35 _ _ 3 70 _
PRODUCTION FUNCTION EXERCISE MICRO ECONOMICS gm; TP M P AP 0 0 _ _ 1 15 _ _ 2 35 _ _ 3 70 _ _ 4 150 _ _ 5 180 _ _ 6 200 Use Wm create the table above and fill in the missing values. Then, using the values you calculated, answer the following questions. A. When do you begin to see diminishing returns? B. Explain the difference between the MP and the AP. C. Why is the AP slower to rise in value and slower to decrease in value than the MP? D. Has this firm reached the stage of negative returns
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