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Ted has recently bought Yummy Latte a company that produces individual packages of latte mix. He remembers learning about Diminishing Marginal Returns several years ago
Ted has recently bought Yummy Latte a company that produces individual packages of latte mix. He remembers learning about Diminishing Marginal Returns several years ago in his microeconomics class and decides to see how many latte mix packages could be produced from various amounts of workers. The table below sets out Ted's Total Product schedule. Labour Total Product Marginal Average (workers per day) (Latte Mix Packages Product Product per day} 0 -__ 100 220 300 360 400 420 430 QGMLWNr'D a. Calculate the missing values for marginal and average product. b. Graph Ted's Total Product for each number of workers. c. Graph Ted's Average Product and Marginal Product. d. Identify where there are increasing returns. e. When do diminishing returns begin?I
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