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Suppose a chair manufacturer is producing in the short run (with its existing plant and equipment). The manu- facturer has observed the following levels of produc- tion corresponding to different numbers of workers:
NUMBER OFWORKERS
NUMBER OF CHAIRS
1
10
2
18
3
24
4
28
5
30
6
7
25
a. Calculate the marginal and average product of labor for this production function.
b. Does this production function exhibit diminishing returns to labor? Explain.
c. Explain intuitively what might cause the marginal product of labor to become negative.
Suppose that Jean Splicer, an investor, buys $300,000 of shares of stock in a diversified bundle of Bio-tech firms and exactly one year later sells those shares for $315,000.
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1. a taxicab company maintained accurate records of the expenses for one of its automobiles from january 1 1996
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Estimates of the maximum amounts of output possible with different combinations of two input factors, X and Y.
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what are the three main aggregate supply factors that determine a nations potential or full-employment level of real
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what comparative and absolute advantages does the us have over madagascar and syria. what comparative and absolute
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