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Marginal Product Curve

Marginal Product Curve - Summary • Production functions...

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Marginal Product Curve Marginal product will be at maximum at inflection point Slopes can determine the production function marginal returns Marginal product curve is derivative of total product curve Shifts in Production Function Total production increases with a technological innovation This will also shift average and marginal product curves
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Unformatted text preview: Summary • Production functions define the relationship of variable inputs to output • Law of diminishing marginal returns places limits on production. Specifically, adding extra inputs eventually produces smaller and smaller increments of output and eventually causes output to decline...
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