If there is a sharp increase in the number of workers, holding all other things constant, which of the following is likely in the short term? a) increase real GDP per person but decrease real GDP b) raise real GDP but decrease real GDP per person c) raise both real GDP and real GDP per person d) decrease both real GDP and real GDP per person

If there is a sharp increase in the number of workers, holding all other things constant, which of the following is likely in the short term? a) increase real GDP per person but decrease real GDP b) raise real GDP but decrease real GDP per person c) raise both real GDP and real GDP per person d) decrease both real GDP and real GDP per person

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1 2 WN 3 4 5 6 7 8 9 WN=86 10 11 12 A B Capital (K) 1 1 1 1 1 1 1 1 1 1 с Labor (L) 1 AWNP 2 3 4 5 6 7 8 9 10 Total Product (TP) 10 Average Product (AP) 10 12.33 12.25 == 10.67 9.57 8.38 5.8 22 37 58 64 67 E 64 F Marginal Product (MP) 10 12 12 9 3 -3 -6 G 13 14 a. Complete the table above (SHOW FORMULAS USING EXCEL) 15 b. Create the graph of Total Product, Average Product, and Marginal Product as a function of Labor (SHOW STEP BY STEP PROCESS USING EXCEL) 16
SHOW FORMULAS ON EXCEL PLEASE STEP BY STEP
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