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Complete the following table:
Number of Workers
Total Output
(Total Product)
Marginal Product of Labor
Average Product of Labor
1
12
2
14
3
42
4
5
13.6
6
10
7
84
8
9
11
91
a. At what point (in terms of workers) do we see evidence of diminishing marginal product?
b. Is the slope of the Total Product curve steeper when 2 workers are employed or when 5 workers are employed?
Complete the following table. Do not complete any cell with "-" in it.
FC
VC
TC
MC
AFC
AVC
ATC
80
110
"-"
25
51
21
17.5
210
30
21.25
Do not be surprised if some of your entries are not whole numbers. Round decimals off to a single decimal point (for example, 58.325 would be 58.3).
a. At what level of output are your average variable costs minimized?
b. At what level of output are your average total costs minimized?
The federal Insurance Contributions Act tax is a payroll tax that finances Social Security and MEdicare. By law, employees each contribute 7.65 percent of the workers wages toward the events.
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