3. Theory of Production1. Based on table belowAmount of LaborAmount ofTotal Output (q)Average ProductMarginal Product(L)Capital (K)10110152104031069410961012010138101478101529.10153101015011101431210133i.Complete the Table & Draw the following graphs as per the exhibit belowа.Total Productb. Average Productc. Marginal Productii.Based on the chart that you have drown , explain the relation to one another of TotalProduct, Average Product and Marginal Product:=6700

The production function is a line or boundary that indicates the maximum amount of output that may…

Answered: 1. Based on table below Total Output…

1. Based on table below Total Output (q) Amount of Labor (L) Amount of Average Product Marginal Product Capital (K) 10 1 10 15 10 40 3 10 69 4 10 96

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

3. Theory of Production
1. Based on table below
Amount of Labor
Amount of
Total Output (q)
Average Product
Marginal Product
(L)
Capital (K)
10
1
10
15
2
10
40
3
10
69
4
10
96
10
120
10
138
10
147
8
10
152
9.
10
153
10
10
150
11
10
143
12
10
133
i.
Complete the Table & Draw the following graphs as per the exhibit below
а.
Total Product
b. Average Product
c. Marginal Product
ii.
Based on the chart that you have drown , explain the relation to one another of Total
Product, Average Product and Marginal Product
:=
67
00

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