[See Solution] Use the information in the table to answer the questions below. (8 pts) The amount of total output produced from various combinations of labor
Question: Use the information in the table to answer the questions below. (8 pts)
The amount of total output produced from various combinations of labor and capital. Units of Capital
- If the capital stock is fixed at one unit, how much does the third unit of labor add to total output?
- If the capital stock is fixed at one unit, diminishing returns begin with the
- If the capital stock is fixed at four units and there are three units of labor, what is the average product of labor?
- If labor is fixed at three units, how much does the second unit of capital add to total output?
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