1. The following table shows the average productivity of a team of landscapers hired to landscape...

     

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1. The following table shows the average productivity of a team of landscapers hired to landscape a new city park. Number of Painters Average Productivity 1 4 2 6 3 7 4 7.5 5 7.75 6 9 What is the marginal product of labor for the third landscaper? 7. The graph below shows the marginal revenue, marginal cost, and average total cost at different quantities for a firm in a perfectly competitive market. Price $50 $40 $20 $10 10 15 Quantity 20 25 MC ATC AVC At what market price would a firm continue to operate in the short run but leave the market in the long run? 1. The following table shows the average productivity of a team of landscapers hired to landscape a new city park. Number of Painters Average Productivity 1 4 2 6 3 7 4 7.5 5 7.75 6 9 What is the marginal product of labor for the third landscaper? 7. The graph below shows the marginal revenue, marginal cost, and average total cost at different quantities for a firm in a perfectly competitive market. Price $50 $40 $20 $10 10 15 Quantity 20 25 MC ATC AVC At what market price would a firm continue to operate in the short run but leave the market in the long run?