Short-run 7. When marginal product is rising, marginal cost is falling. And when marginal product is diminishing, marginal cost is rising. , top to bottom: 15; 19; 17; 14; 9; 6; 3; -1. Average product data, top to bottom: 15; 17; 17; 16.25; 14.8; 13.33; 11.86; 10.25. Marginal Product is the slope and the rate of change of the TP curve. When TP is rising at an increasing rate, MP is positive and rising. When TP is rising at a diminishing rate, MP is positive and falling. When TP is falling, MP is negative…
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