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Tidy Tidy
wrote...
Posts: 4852
8 years ago
Damian owns a tattoo parlor and has hired three tattoo artists to work for him. The marginal product of labor is 8 for the first artist, 12 for the second artist, and 7 for the third artist. What is Damian's average product of labor for these three tattoo artists?
Textbook 
Essentials of Economics

Essentials of Economics


Edition: 4th
Authors:
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2 Replies
Repeat after me: 'Calm down. Things are gonna be fine. Things are gonna be all great. Just relax.' Wink Face

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wrote...
8 years ago
 The average product of labor is the average of the marginal products of labor. Therefore, Damian's average product of labor for these three artists is (8 + 12 + 7) / 3 = 9.
wrote...
8 years ago
You're welcome Happy Dummy
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