workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 can you explain diminishing marginal product based on these numbers?
workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 can you explain diminishing marginal product based on these numbers?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
|
workers |
ouput | marginal product | total cost | marginal cost | |
| 0 | 0 | 0 | 200 | 0 | $0 |
| 1 | 20 | 20 | 300 | $15 | $5 |
| 2 | 50 | 30 | 400 | $8 | $3.33 |
| 3 | 90 | 40 | 500 | $5.56 | $2.50 |
| 4 | 120 | 30 | 600 | $5 | $3.33 |
| 5 | 140 | 20 | 700 | $5 | $5 |
| 6 | 150 | 10 | 800 | $5.33 | $10 |
| 7 | 155 | 5 | 900 | $5.8 | $20 |
can you explain diminishing marginal product based on these numbers?
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