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The table below shows the weekly relationship between output and number of workers for a factory/plant with a fixed size.
Number of workers
Output
0
1
10
2
110
3
300
4
450
5
590
6
665
7
700
8
725
9
710
705
a. Calculate the marginal product of labor.
b. At what point do diminishing returns set in?
c. Calculate the average product of labor.
d. Find the three stages of production.
e. If the wage rate is $500 and the price of output is $5, how many workers should the firm hire? Why?
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Q. Explain how and why a monopoly would try to price discriminate. Serving food on weekdays to business people and retired people.
Unlike the physical supply chain, inefficiencies characterize the financial supply chains of most companies.
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Now fill in the column for Marginal Cost. Illustrate what pattern do you see
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The three families are considering putting in streetlights on Main Street and are trying to describe how many lights to install. The table below shows each family's willingness to pay for each streetlight.
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