Question: Example: Total Numbers Land Marginal Total Average Total Average Marginal Production of Labor (acers) Product Cost Total Variable Variable Cost Cost Cost Cost 0 0

Example: Total Numbers Land Marginal Total Average Total Average Marginal Production

Example: Total Numbers Land Marginal Total Average Total Average Marginal Production of Labor (acers) Product Cost Total Variable Variable Cost Cost Cost Cost 0 0 2 30 3 2 90 6 165 9 2 225 12 2 255 15 2 The price per labor unit is 5 and the price per acer is 10. 1. Fill in the missing parts. 2. Determine at which level of production the law of diminishing return takes place? Why? 3. Which level of production is the optimum one? Why? 4. If you are the one in charge, would you hire 12 units of labor factor? Why

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