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Unformatted text preview: negative returns to labor and be able to identify them if you have information on total product or marginal product for a production process. 4. State the law of diminishing returns. 5. Given the total product you should be able to calculate the average and marginal products. 6. Given the total product curve you should be able to plot the average and marginal product curves. 7. Given information on different feasible technologies and prices for capital and labor, you should be able to identify the cheapest or most expensive technology....
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This note was uploaded on 02/01/2008 for the course ECON 101 taught by Professor Hansen during the Spring '07 term at Wisconsin.
- Spring '07