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Difference between production in short run and long run

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Reference no: EM133078515

A. Discuss the difference between production in the short run and Long run. Draw a graph that shows the total output curve in the short run and explain its shape. Make sure you label your axes appropriately.

B. What is average product of labour? Explain the relationship between the average product of labour and marginal product of labour. Illustrate the relationship between the two using a graph. Make sure you label your axes appropriately.

Reference no: EM133078515

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