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Biewener Principles of Microeconomics Economics 100 Homework 13 Total Output Curve Suppose that the chart below represents the short run production data for a sneaker factory. L Q 0 0 1 24 2 58 3 98 4...

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Biewener Principles of Microeconomics
Economics 100
Homework 13
Total Output Curve
Suppose that the chart below represents the short run production data for a sneaker factory.
L Q
0 0
1 24
2 58
3 98
4 143
5 188
6 233
7 278
8 318
9 351
10 378
11 398
12 411
13 418
14 421

  1. Graph the firm’s total output curve.
  1. Calculate the marginal returns to labor (or, in other words, the marginal physical product of labor).
  1. Explain why the marginal returns first increase and then eventually decrease in the short run.
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Answered Same Day Dec 23, 2021

Solution

Robert answered on Dec 23 2021
134 Votes
Biewene
Biewene
Principles of Microeconomics
Economics 100
Homework 13
Total Output Curve
Suppose that the chart below represents the short run production data for a sneaker...
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