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Unformatted text preview: an input have access to cheaper plastic. Manufactured goods that use plastic as an input Supply Price falls Quantity Increases 2. Use the information below of Labor to Total Product (TP) to answer questions A, B, and C. (60 points) Labor Total product (pairs of shoes) 1 20 2 50 3 75 4 80 5 75 A. Given the information above, what is the marginal product of the third unit of labor? +30 Tons (2 employees) B. Given the information above, at what point do diminishing marginal returns set in? Diminishing Marginal Returns set in with the hiring of the 3 rd employee. C. Given the information above, at what point do negative marginal returns set in? Negative Marginal Returns set in with the hiring of the 5 th employee....
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