The following curve is a production function for a firm that uses just one variable factor of

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The following curve is a production function for a firm that uses just one variable factor of production, labor. It shows total output, or product, for every level of labor input.

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a. Derive and graph the marginal product curve.

b. Suppose the wage rate is $4. Derive and graph the firm’s marginal cost curve.

c. If output sells for $6, what is the profit-maximizing level of output? How much labor will the firm hire?

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