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Consider the following production and cost schedule for a firm. The first column shows the number of ...

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Consider the following production and cost schedule for a firm. The first column shows the number of ...

Consider the following production and cost schedule for a firm. The first column shows the number of units of a variable factor of production employed by the firm.

Total Number of Units of the Factor	Total Number of Units of Output	Price per Unit of Output
10	20	$10
11	44	$10
12	64	$10
13	78	$10
14	84	$10
15	86	$10

TABLE 13-1

Refer to Table 13-1. Diminishing marginal returns are present for which units of the factor of production?

▸ 12th unit only

▸ 11th unit only

▸ 13th unit only

▸ 14th unit only

▸ units from 11 and above

Textbook

Microeconomics

Edition: 17^th

Author: Ragan

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