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Amount of labour(units) Amount of capital

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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 0 0;1 5 49 49 49;2 5 132 66 83;3 5 243 81 111;4 5 376 94 133;5 5 525 105 149;6 5 684 114 159;6.666 5 792.59 118.90 108.59;7 5 847 121 163;8 5 1008 126 161;9 5 1161 129 153;10 5 1300 130 139;11 5 1419 129 119;12 5 1512 126 93;13 5 1573 121 61;14 5 1596 114 23;15 5 1575 105 -21;Use the information from the completed table and the graphs to identify the three stages of production and explain why the firm?s short run production has only one ?rational? stage of production.

 

Paper#24223 | Written in 18-Jul-2015

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