1. If average productivity falls, will marginal cost necessarily rise? How about average cost?

2. An economic consultant is presented with the following total product table and asked to derive a table for average variable costs. The price of labor is $15 per hour.

a. Help him do so.

b. Show that the graph of the average productivity curve and average variable cost curve are mirror images of each other.

c. Show the marginal productivity curve for labor inputs between 1 and 5.

d. Show that the marginal productivity curve and marginal cost curve are mirror images of each other.

 

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Status NEW Posted 26 May 2017 03:05 PM My Price 8.00

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