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Unformatted text preview: EXERCISE: UNIT Ill / S . NAM! _ 1. State the pnnciple of duality and how In applies to production and cost analysis in
economics. WWWW W gm“ “a”
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mm W. W Obboufpbtf' wgtidn (103L pagans to W. ~WfDC/TWMPW WWW) CQSW produoﬂ' m wJLUCS - 2. Draw a marginal product and marginal cost curve (on different axes. of course) that
do not demonstrate the assumption that specialization of labor effects production. A61 a/Q i't'ncv
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mp M3. Deﬁne marginai cost and marginal product.
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Mall: 5% ﬂaw-I- 4. In the graph below please complete the following:
ATC. AVG, MC. Hint: Be sure to make sure the minimum points and inﬂection points all ﬁne up ploperly. TL i ...
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This note was uploaded on 04/07/2008 for the course ECON 1123 taught by Professor Holmes during the Spring '08 term at The University of Oklahoma.
- Spring '08