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The following is a hypothetical short-run production function:
The following is a hypothetical short-run production function
Hours of labor Total output Marginal product
0 ? ?
1 100 100
2 ? 80
3 240 ?
What is the total output when 2 hours of labor are employed?
What is the average product of the first three hours of labor?
What is the marginal product of the third hour of labor?
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Average product is clearly explored in this case.
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The total output when 2 hours of labor are employed is 180 (100 + 80) i.e. total output with 1 hour of ...
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