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Q3: a): Explain how a firm will achieve Law of Diminishing Returns if labors and total product is given? Calculate AP and MP and graphically show TP, AP and MP. (5) Labor 3 4 7 8 10 ТР 70 160 260 268 330 380 404 404 395 380

Q3: a): Explain how a firm will achieve Law of Diminishing Returns if labors and total product is given? Calculate AP and MP and graphically show TP, AP and MP. (5) Labor 3 4 7 8 10 ТР 70 160 260 268 330 380 404 404 395 380

Microeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Costs And The Supply Of Goods
Section: Chapter Questions
Problem 9CQ
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Q3: a): Explain how a firm will achieve Law of Diminishing Returns if labors and total product is given? Calculate AP and MP and graphically show TP, AP and MP. (5) 2 3 |5 | 7 9 6. 380 Labor 4 8 10 ТР 70 160 260 268 330 404 404 395 380
Transcribed Image Text:Q3: a): Explain how a firm will achieve Law of Diminishing Returns if labors and total product is given? Calculate AP and MP and graphically show TP, AP and MP. (5) 2 3 |5 | 7 9 6. 380 Labor 4 8 10 ТР 70 160 260 268 330 404 404 395 380
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