Question
Asked Nov 7, 2019
 

workers

ouput marginal product  total cost average total cost marginal cost
0 0 0 200 0 $0
1 20 20 300 $15 $5
2 50 30 400 $8 $3.33
3 90 40 500 $5.56 $2.50
4 120 30 600 $5 $3.33
5 140 20 700 $5 $5
6 150 10 800 $5.33 $10
7 155 5 900 $5.8 $20

can you explain diminishing marginal product based on these numbers?

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Expert Answer

Step 1

Marginal product is determined by the change in total output as one additional input is used in the process of production.

Sim...

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