Question: Numerically represent and explain marginal product of labour. Why is it important for a business to achieve increasing marginal product of labour? Graphically represent and

  1. Numerically represent and explain marginal product of labour.
  2. Why is it important for a business to achieve increasing marginal product of labour?
  3. Graphically represent and explain how a change in marginal cost will affect your average total cost.
  4. Explain using the profit equation, at which point of the marginal cost and average total cost relationship will a firm's total profit start to decline.

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