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In the Deep Creek Mining Company example described in this chapter (Table 7.1), suppose again that labor is the variable input and capital is the...

. In the Deep Creek Mining Company example described in this chapter (Table 7.1),
suppose again that labor is the variable input and capital is the fixed input. Specifi-
cally, assume that the firm owns a piece of equipment having a 500-bhp rating.
a. Complete the following table:
LAB O R I N P UT L
( NO . O F
WO RKE RS ) TO T AL
P RO D UC T
TP L ( = Q) M ARGI N AL
P RO D UC T
MP L AVE RAGE
PRO D UC T
A P L
1 _____ _____ _____
2 _____ _____ _____
3 _____ _____ _____
4 _____ _____ _____
5 _____ _____ _____
6 _____ _____ _____
7 _____ _____ _____
8 _____ _____ _____
9 _____ _____ _____
10 _____ _____ _____
b. Plot the (i) total product, (ii) marginal product, and (iii) average product
functions.
c. Determine the boundaries of the three stages of production.
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8425404.xlsx

L
1
2
3
4
5
6
7
8
9
10 output
3
6
16
29
43
55
58
60
59
56 AP MP
33
5.333333
7.25
8.6
9.166667
8.285714
7.5
6.555556
5.6 3
10
13
14
12
3
2
-1
-3 70
60 STAGE1: ROM 0 TO THE POINT AP IS MAXIMUM
L= 0...

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