.Explain how the marginal product of labor and marginal cost are related? Draw one graph for MPL (quantity of workers on x axis) and another for MC (quantity of output on x axis) that displays this relationship.
1.Explain how the marginal product of labor and marginal cost are related? Draw one graph for MPL (quantity of workers on x axis) and another for MC (quantity of output on x axis) that displays this relationship.
2. Explain what happens to
3.Draw a precise graph that shows the following short-run cost curves: MC and ATC
4.Add the following to your graph from 3:
5.Bonus: What happens to the difference between ATC and AVC as quantity increases? Why?
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