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    Production curve

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Please help with the following problem. See the complete description of the problem in the attached document.

    1) Complete the table (Table 1) below

    2) Use Excel to draw the total product (TP) curve.

    3) Use Excel to draw the average product (AP) and marginal product (MP) curves in the same space

    4) Use the information from the completed table and the graphs to identify the three stages of production

    5) Explain why the firm's short run production has only one 'rational' stage of production

    © BrainMass Inc. brainmass.com October 10, 2019, 2:49 am ad1c9bdddf
    https://brainmass.com/math/curves/average-product-marginal-product-curves-395002

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    Solution Preview

    Please see attachment for charts and diagrams to go with the solution.

    1) Complete the table (Table 1) below.

    2) Use Excel to draw the total product (TP) curve.

    3) Use Excel to draw the average product (AP) and marginal product (MP) curves in the same space

    Table showing the Average and Marginal product of labor for a hypothetical ...

    Solution Summary

    This solution uses excel to draw the average product (AP) and marginal product (MP) curves in the same space. Diagrams and charts are included in the answer.

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