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Unit 3 econ

Create a 2-3 page Word document in APA format (Not Including Title or Reference Page) containing your answers to the following questions using common economics terms and concepts: Assume that your firm’s total product curve includes the following data: one worker can produce 8 units of output; two workers, 20 units; three workers, 34 units; four workers, 50 units; five workers, 60 units; six workers, 70 units; seven workers, 76 units; eight workers, 78 units; and nine workers, 77 units. •Define marginal product. Given the scenario above, what is the marginal product of the seventh worker? •Explain the law of diminishing returns. Given the scenario above, when does the law of diminishing product set in? •Under these conditions, would you ever choose to employ nine workers? Explain. Additionally, draft and include the above firm’s product curve graph in your Word document.
Create a 2-3 page Word document in APA format (Not Including Title or Reference Page) containing your answers to the following questions using common economics terms and concepts: Assume that your firm’s total product curve includes the following data: one worker can produce 8 units of output; two workers, 20 units; three workers, 34 units; four workers, 50 units; five workers, 60 units; six
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Assignment ID
34551
Discipline
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CREATED ON
July 11, 2016
COMPLETED ON
July 12, 2016
Price
$30
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