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a. Diminishing Returns? An economy increased employment first from 10,000 to 20,000 and then from 20,000 to 30,000. The corresponding increases in output were 15,000 and 20,000, respectively. Nothing else changed during this period. Did this economy exhibit diminishing returns?
b. The Production Function and the Effects of War on the Stock of Capital. During World War II, France lost 30 percent of its capital stock. Draw a graph that illustrates how the production function shifted.
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