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Problem - Suppose a chair manufacturing is producing in the short run (with its existing plant and equipment). The manufacturer has observed the following levels of production corresponding to different numbers of workers:
Number of workers
Number of chairs
1
10
2
18
3
24
4
28
5
30
6
(a) Calculate the marginal and average product of labor for this production function. List your answers in a table.
(b) Does this production function exhibit diminishing returns to labor?
Firm in a perfectly competitive industry - positive economic profits act
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