Ch.6 HW - Ch. 6 Homework Pg. 179 #1, 2, 4, 14, 17, 19, 20,...

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Anthony Marsala Professor Woodbury EC251H Sec. 2 Ch. 6 Homework Pg. 179 #1, 2, 4, 14, 17, 19, 20, 22, 25   1. The total number of products equals the total number of workers so therefore  q = L.  Since average product of labor is q / L and q = L, average product  equals 1.  If each worker produces one more product, marginal product of  labor, or  Δ q /  Δ L, is also 1.  Accordingly, total product of labor is a straight line  with a slope of 1. 2.   
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4. Isoquants are thin because under the more is better assumption, a producer  cannot be indifferent between two points if one lies above and to the right the  other.  Therefore the isoquant curve can never be thicker than one point.  14. Michelle’s production process demonstrates diminishing marginal returns to  scale because she is continuing to produce more goods for each additional unit  of labor but the marginal product of labor is deceasing.  A likely explanation 
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Ch.6 HW - Ch. 6 Homework Pg. 179 #1, 2, 4, 14, 17, 19, 20,...

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