A simple assignment of MicroEcon class

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A simple assignment of MicroEcon class. 5 questions in total. Quick and simple. Thank you so much!!

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NAME: ____________________________________________________ Group Number: _________________ Student ID: ________________________________________________ YOU MUST PRINT THIS SHEET DOUBLE-SIDED AND ANSWER ON THE SHEET ITSELF. STAPLED WORK WILL NOT BE ACCEPTED. TWO SHEETS WILL NOT BE ACCEPTED. YOU CAN ONLY HAND IN ONE DOUBLE-SIDED WORKSHEET Assessed Coursework 03 of 04 Due Lesson 1, Week 5 Question 01 – Define marginal cost and show two ways to calculate marginal cost. Question 02 – Compare / contrast the impact on the marginal cost curve if there was an increase in the price of a lease, compared to the increase in the price of raw materials. Question 03 – Watch this video https://www.youtube.com/watch?v=6wlfx-spPe0 and complete this table: Labour 0 Total Product (TP) or (Q) Marginal Product (MP) 1 2 3 4 5 Question 04 – Use the data for both TP and MP above to explain the law of diminishing marginal returns. NAME: ____________________________________________________ Group Number: _________________ Student ID: ________________________________________________ YOU MUST PRINT THIS SHEET DOUBLE-SIDED AND ANSWER ON THE SHEET ITSELF. STAPLED WORK WILL NOT BE ACCEPTED. TWO SHEETS WILL NOT BE ACCEPTED. YOU CAN ONLY HAND IN ONE DOUBLE-SIDED WORKSHEET Question 05 Draw a diagram of a generic Total Product curve and a generic Marginal Product curve, that indicates the three stages of production. You do not need to use a numerical example. ...
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howardchris
School: UIUC

thank you for trusting me with your work.looking forward working with you

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MICROECONOMICS

2

Question 1: define marginal cost and show two ways of calculating marginal cost
Marginal cost can be defined as the additional cost that is experienced in the production an
additional unit of a good or a service.
There are two ways of calculating marginal cost:
The first way is the changes in cost divided by the changes in quantities.

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