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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why do you suppose that is? Is this relationship the same in the long run as in the short run?

To determine

Relationship between marginal product and marginal cost and is their relationship the same in the long run as in the short run?

Explanation

Both the concepts are inversely related to each other. If one increases, the other decreases. If a company increases its output by hiring one extra worker, its marginal product increases means cost per unit of output produced is less as compared to input means less marginal cost. As the company hire more workers to increase its output. the total output will increase...

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