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adnan_buljic adnan_buljic
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2 years ago


Short description: Two graphs represent the short run production functions. Long description: The first graph is as follows. The horizontal axis representing units of labour ranges from 0 to 15, in increments of 1. The vertical axis representing the total product ranges from 0 to 260, in increments of 20. The graph shows a curve representing the total product that passes through the following points: (0, 0), (2, 20), (4, 60), (6, 100), (8, 160), (11, 220), and (14.8, 255).  The second graph is as follows. The horizontal axis representing units of labour ranges from 0 to 15, in increments of 1. The vertical axis representing the marginal product, the average product ranges from 0 to 36, in increments of 2. The graph shows a curve representing the average product that passes through the following points: (1, 8), (4, 14), (8, 20), (10, 21), and (15, 17). A line representing marginal product passes through the following points: (1, 8), (4, 20), (7, 32), (10, 20), and (15, 0). Note: all values are approximate.

FIGURE 7-1

Refer to Figure 7-1. Total product is increasing at an increasing rate



▸ from 0 to 140 units of output.

▸ between 140 to 200 units of output.

▸ over the whole production range.

▸ from 0 to 32 units of output.

▸ between 200 to 250 units of output.
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Microeconomics

Microeconomics


Edition: 17th
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itnow96itnow96
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Just got PERFECT on my quiz
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Smart ... Thanks!
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This helped my grade so much Perfect
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