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Unformatted text preview: cost, average variable cost, average fixed cost, and marginal cost below. (d) The point of diminishing returns occurs when total product, or output, is , the amount or labor hours are , the marginal product is , and the marginal cost is . (e) This production function shows (increasing, diminishing, constant, combination of all three) returns....
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- Fall '09
- Economics of production, TFC, average variable cost