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ECO-6655: Application Problem Set #2, T1-13

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Question;The following table shows the number of widgets that can be produced by skilled laborers each month:QuantityNo. ofof LaborWidgets001652140321042655295631073228320a. (5 points) Calculate average product (AP) and marginal product (MP) for every figure in thetable. Show your work.b. (3 points) Identify the level of output above for Stages I, II, and III (this is discussed in thelecture notes, not in the book). Explain briefly.c. (6 points) Widgets sell for $25 each. How many workers will this firm hire at a monthly wage of$550? Explain your answer and show all calculations.d. (3 points) What is the most the firm would be willing to pay each worker if it wished to hire 7workers? Explain.

 

Paper#55954 | Written in 18-Jul-2015

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