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Prior to beginning work on this discussion forum, review Chapter 7 of your textbook, Principles of Microeconomics and the materials on the “Weekly Lecture” page. Imagine that you own a restaurant in downtown Chattanooga. You are thinking about expanding the restaurant by adding more workers and buying more kitchen equipment. Based on this scenario and the readings for this week, answer the following questions in a minimum of 300 words and a response of 100 words:
Distinguish between the short run and the long run for your restaurant. Make sure to provide examples.
Explain if the restaurant faces the issue of diminishing marginal product of labor.
Discuss how the restaurant can reduce diminishing marginal productivity while expanding the business.
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