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show all your work for the problems requiring calculations. 1.Distinguish between short-run and long-run time frames. 2.Explain the concept of diminishing marginal returns. fLabor Output

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show all your work for the problems requiring calculations.

1.Distinguish between short-run and long-run time frames.

2.Explain the concept of diminishing marginal returns.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
\fLabor Output (L) (0) 9 20 36 44 5 5025 Cost (dollars per unit] 20 15 LRAC 10 S 5 10 15 20 25 30 Quantity (units per hour)

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