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Using the information in the following table:

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Assignment 1;Using the information in the following table;a- Complete the last 2 columns by replacing the * with the correct values.;b- Draw the following curves in one chart;? Short-run average product (AP) curve;? Short-run marginal product (MP) curve.;Table showing the Average and Marginal product of labour for a hypothetical firm;Amount of labour(units) Amount of capital(No. of machines) Output of parts(Q, hundreds of parts) Average product (Q/L) Marginal product(?Q/?L);0 5 0 - -;1 5 49 49 49;2 5 132 66 83;3 5 243 81 *;4 5 376 94 133;5 5 525 * 149;6 5 684 114 159;6.6 5 792.59 120.09 *;7 5 847 * 163;8 5 1008 126 161;9 5 1161 * *;10 5 1300 130 139;11 5 1419 * 119;12 5 1512 126 93;13 5 1573 121 *;14 5 1596 * 23;15 5 1575 105 *

 

Paper#21391 | Written in 18-Jul-2015

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