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Principles of Macroeconomics

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University of Wisconsin Department of Economics Economics 101: Principles of Microeconomics Korinna K. Hansen Learning Guide 6 Due Date: Week of Monday, March 12, 2007 Reading Assignment: Problem Assignment: Problems 4, 5, 7 and 9 on pages 158 and 159. Objectives: After completing the assignment you should be able to do the following: 1. Define the perfectly competitive industry and state all its important characteristics. 2. Define economic profits and short-run versus long-run decisions for firms. 3. Define total, average, and marginal product. Be able to explain increasing, diminishing and
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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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