Homework Answers
1) Marginal product = change in total output when an additional labor is hired
| Number of workers | Total output | Marginal product |
| 0 | 0 | |
| 1 | 80 | 80 |
| 2 | 200 | 120 |
| 3 | 300 | 100 |
| 4 | 360 | 60 |
| 5 | 400 | 40 |
The diminishing marginal product starts when the 3rd worker is hired
As per HOMEWORKLIB RULES, the first question is answered.
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Econ 250 Chapter 8 Homework Name 1. (2.5 points) The following table shows a short-run production...
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graph shows the marginal cost (MC), average total cost (ATC), and
average variable cost (AVC) curves for a typical firm in the
industry.
For each price in the following table, use the graph to
determine the number of lamps this firm would produce in order to
maximize its profit. Assume that when the price is exactly equal to
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4. Deriving the short-run supply curve Consider the perfectly competitive market for dress shirts. The following graph...
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Deriving the short-run supply curve
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graph shows the marginal cost (MC), average total cost (ATC), and
average variable cost (AVC) curves for a typical firm in the
industry.
For each price in the following table, use the graph to
determine the number of lamps this firm would produce in order to
maximize its profit. Assume that when the price is exactly equal to
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