Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
- Use the following table to answer the questions below.
| Number of chefs | Number of pizzas produced per day | |
| 1 | 5 | |
| 2 | 25 | |
| 3 | 40 | |
| 4 | 50 | |
| 5 | 55 | |
| 6 | 58 | |
| 7 | 58 |
- Find the marginal product (MP) for each value of L.
- The firm is experiencing increasing returns with how many workers?
- At what number of workers will diminishing marginal returns begin?
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