Based on Table, construct a marginal product table from the information listed in the table and explain where diminishing marginal productivity sets...
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  1. Based on Table, construct a marginal product table from the information listed in the table and explain where diminishing marginal productivity sets in. Show your working solution for each answer.
  2. Based on Table, construct a marginal revenue product table from the information listed in the table assuming that the firm can sell its product in a purely competitive market at a value added price of $.50. Show your working solution for each answer.
  3. Based on your answer from question 1 and question 2, draw the graphs for marginal product and marginal revenue product curves. What do you observe?

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