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Business, 26.06.2019 19:50 angelmeeks7979

Lucia makes sweaters in her home. starting with just some knitting needles and yarn, she was able to knit 50 sweaters per year. now some local stores have expressed interest in her designs and offered to buy her sweaters for $20 each. this makes it worthwhile for her to invest in some capital; in particular, she could produce many more sweaters if she invested in one or more looms, as shown in the following table. assume that lucia’s sweater business is a perfectly competitive firm. complete the following table by calculating the marginal physical product (mpp) of each loom and the marginal revenue product (mrp) of each loom. quantity of input output mpp of each loom mrp of each loom (looms) (sweaters per year) (sweaters) (dollars) 0 50 1 90 2 121 3 144 4 161 5 176

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