Suppose a firm has a three-stage production function.

Suppose a firm has a three-stage production function.

Question # 00118592 Posted By: kimwood Updated on: 10/15/2015 10:06 PM Due on: 11/14/2015
Subject Economics Topic General Economics Tutorials:
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I need assistance on the following problem.

Suppose a firm has a three-stage production function. Suppose the firm is using 20 units of labor. At this level of input, the marginal product of labor is 50 and the average product is 30.

a. What is the level of output.

b. Is the marginal cost curve upward or downward sloping?

c. Is the average variable cost curve increasing or decreasing?

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    Tutorial # 00113069 Posted By: kimwood Posted on: 10/15/2015 10:06 PM
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