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QUESTION
The question below is based on the table below. Fill in the blank spaces first.
What is the Total Product for L=3?
What is the MPL for L between 1 and 2, 2 and 3, 3 and 4, and 4 and 5?
What is the VMPL for L between 1 and 2, 2 and 3, 3 and 4, and 4 and 5?
how many laborers will be hired if both product and labor markets are perfect and the going wage is $28 per worker?
