Please correct my answer to these two questions. Question 1Table 13-2Number ofWorkersMarginalTotalOutput Product10300500600650Refer to Table 13-2. At which number of workers does diminishing marginal product begin?13Question 7Which of the following expressions is correct?)accounting profit = economic profit + implicit costsaccounting profit = total revenue - implicit costseconomic profit = accounting profit + explicit costseconomic profit = total revenue - implicit costs

Here, the given table shows the total output produced by different number of workers in a firm.

Question 1 Table 13-2 Number of Workers Total Marginal Output Product 300 500 13 600 650 Refer to Table 13-2. At which number of workers does diminishing marginal product begin? 1 2. Question 7 Which of the following expressions is correct? accounting profit = economic profit + implicit costs accounting profit = total revenue - implicit costs economic profit = accounting profit + explicit costs economic profit = total revenue - implicit costs

Question 1 Table 13-2 Number of Workers Total Marginal Output Product 300 500 13 600 650 Refer to Table 13-2. At which number of workers does diminishing marginal product begin? 1 2. Question 7 Which of the following expressions is correct? accounting profit = economic profit + implicit costs accounting profit = total revenue - implicit costs economic profit = accounting profit + explicit costs economic profit = total revenue - implicit costs

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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