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(workers) (boxes/day) 0 0 1 4 2 9 3 16 4 24 5 32 6 39 7 45 8 50 9 54 10 57 11 59 12 60 The cost of labor is $120/worker per day. The cost of capital is $300/day Plot accurately (use a graphing program) the following diagrams. Please put titles on the axes. a. The total product curve. b. The marginal product and average product curves (on the same diagram). Remember that marginal product represents a change and should be plotted at the midpoints e.g. the marginal product of the third worker should be plotted at 2.5 on the labor axis. c. The total cost curve. d. The marginal cost, average variable cost and average cost curves (on the same diagram). Remember that marginal cost represents a change and should be plotted at the midpoints.

(workers) (boxes/day) 0 0 1 4 2 9 3 16 4 24 5 32 6 39 7 45 8 50 9 54 10 57 11 59 12 60 The cost of labor is $120/worker per day. The cost of capital is $300/day Plot accurately (use a graphing program) the following diagrams. Please put titles on the axes. a. The total product curve. b. The marginal product and average product curves (on the same diagram). Remember that marginal product represents a change and should be plotted at the midpoints e.g. the marginal product of the third worker should be plotted at 2.5 on the labor axis. c. The total cost curve. d. The marginal cost, average variable cost and average cost curves (on the same diagram). Remember that marginal cost represents a change and should be plotted at the midpoints.

Microeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Costs And The Supply Of Goods
Section: Chapter Questions
Problem 19CQ
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(workers) (boxes/day) 0 0 1 4 2 9 3 16 4 24 5 32 6 39 7 45 8 50 9 54 10 57 11 59 12 60 The cost of labor is $120/worker per day. The cost of capital is $300/day Plot accurately (use a graphing program) the following diagrams. Please put titles on the axes. a. The total product curve. b. The marginal product and average product curves (on the same diagram). Remember that marginal product represents a change and should be plotted at the midpoints e.g. the marginal product of the third worker should be plotted at 2.5 on the labor axis. c. The total cost curve. d. The marginal cost, average variable cost and average cost curves (on the same diagram). Remember that marginal cost represents a change and should be plotted at the midpoints.
Transcribed Image Text:(workers) (boxes/day) 0 0 1 4 2 9 3 16 4 24 5 32 6 39 7 45 8 50 9 54 10 57 11 59 12 60 The cost of labor is $120/worker per day. The cost of capital is $300/day Plot accurately (use a graphing program) the following diagrams. Please put titles on the axes. a. The total product curve. b. The marginal product and average product curves (on the same diagram). Remember that marginal product represents a change and should be plotted at the midpoints e.g. the marginal product of the third worker should be plotted at 2.5 on the labor axis. c. The total cost curve. d. The marginal cost, average variable cost and average cost curves (on the same diagram). Remember that marginal cost represents a change and should be plotted at the midpoints.
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