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    Cost analysis short run and long run

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    Using the information in the following table:

    a- Complete the last 2 columns by replacing the * with the correct values.
    b- Draw the following curves in one chart
    â?¢ Short-run average product (AP) curve;
    â?¢ Short-run marginal product (MP) curve.
    Table showing the Average and Marginal product of labor for a hypothetical firm
    Amount of labor( units) Amount of capital(No. of machines) Output of parts(Q, hundreds of parts) Average product (Q/L) Marginal product(â??Q/â??L)
    0 5 0 - -
    1 5 49 49 49
    2 5 132 66 83
    3 5 243 81 *
    4 5 376 94 133
    5 5 525 * 149
    6 5 684 114 159
    6.666 5 792.59 119 *
    7 5 847 * 163
    8 5 1008 126 161
    9 5 1161 * *
    10 5 1300 130 139
    11 5 1419 * 119
    12 5 1512 126 93
    13 5 1573 121 *
    14 5 1596 * 23
    15 5 1575 105 *

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    https://brainmass.com/economics/short-and-long-run-cost-functions/cost-analysis-short-run-and-long-run-328659

    Solution Summary

    This solution features short run and long run cost analysis.

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