Suppose the size of a factory is fixed at K while labour input L is variable...

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Suppose the size of a factory is fixed at K while labour input L is variable in the short run such that the total product curve has the "half-bell" shape like the example used in class. Use separate properly labeled graphs to help you explain in details how you can use this total product curve to derive the marginal product of labour curve, average product of labour curve, marginal cost curve, average variable cost curve, and average total cost curve. Answer this question according to lecture discussion and relate your step-by-step explanation to the points and curves in the graphs. Suppose the size of a factory is fixed at K while labour input L is variable in the short run such that the total product curve has the "half-bell" shape like the example used in class. Use separate properly labeled graphs to help you explain in details how you can use this total product curve to derive the marginal product of labour curve, average product of labour curve, marginal cost curve, average variable cost curve, and average total cost curve. Answer this question according to lecture discussion and relate your step-by-step explanation to the points and curves in the graphs.

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Id be happy to help you derive the marginal product of labor average product of labor marginal cost average variable cost and average total cost curves using the given total product curve Step 1 Deriv... View the full answer