1 2 WN 3 4 5 6 7 8 9 WN=86 10 11 12 A B Capital (K) 1 1 1 1 1 1 1 1 1 1 с Labor (L) 1 AWNP 2 3 4 5 6 7 8 9 10 Total Product (TP) 10 Average Product (AP) 10 12.33 12.25 == 10.67 9.57 8.38 5.8 22 37 58 64 67 E 64 F Marginal Product (MP) 10 12 12 9 3 -3 -6 G 13 14 a. Complete the table above (SHOW FORMULAS USING EXCEL) 15 b. Create the graph of Total Product, Average Product, and Marginal Product as a function of Labor (SHOW STEP BY STEP PROCESS USING EXCEL) 16

1 2 WN 3 4 5 6 7 8 9 WN=86 10 11 12 A B Capital (K) 1 1 1 1 1 1 1 1 1 1 с Labor (L) 1 AWNP 2 3 4 5 6 7 8 9 10 Total Product (TP) 10 Average Product (AP) 10 12.33 12.25 == 10.67 9.57 8.38 5.8 22 37 58 64 67 E 64 F Marginal Product (MP) 10 12 12 9 3 -3 -6 G 13 14 a. Complete the table above (SHOW FORMULAS USING EXCEL) 15 b. Create the graph of Total Product, Average Product, and Marginal Product as a function of Labor (SHOW STEP BY STEP PROCESS USING EXCEL) 16

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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