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anhtuan anhtuan
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2 years ago

The figure presents Total Product (units of output per day) as a function of Labour (workers per day) hired.

Short description: A graph plots L against TP. Long description: The horizontal axis represents L and the vertical axis represents TP. The curve representing TP passes through the following points: (1, 16), (2, 48), (3, 88), (4, 120), (5, 144), and (6, 160).

FIGURE 7-2

Refer to Figure 7-2. When the firm hires the first worker, the average product of labour is



▸ at its maximum.

▸ less than the marginal product.

▸ decreasing.

▸ greater than the marginal product.

▸ equal to the marginal product.
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Microeconomics

Microeconomics


Edition: 17th
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duankong-feiduankong-fei
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