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ECO550_Week# 3_Assignment 1

ECO550_Week# 3_Assignment 1 - 2 5 132 3 5 243 4 5 376 5 5...

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     In Microsoft Excel, complete the table below, then using one chart, draw the following curves: Short-run average product (AP) curve; Short-run marginal product (MP) curve.      Table showing the Average and Marginal product of labour for a hypothetical firm Amount of labour( units) Amount of capital(No. of machines) Output of parts(Q, hundreds of parts) Average product (Q/L) Marginal product( Q/ L)   0 5     0 - -   1 5   49    
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Unformatted text preview: 2 5 132 3 5 243 4 5 376 5 5 525 6 5 684 6.7 5 793 7 5 847 8 5 1008 9 5 1161 10 5 1300 11 5 1419 12 5 1512 13 5 1573 14 5 1596 15 5 1575 Use the information from the completed table and the graphs to identify the three stages of production and explain why the firm’s short run production has only one ‘rational’ stage of production....
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