2. Table 1 below shows the number of baskets produced by a Bentle Weavers in the short run using three machines and labour. Use this table to answer the question below Capital 3 3 3 3 3 Labour 0 1 2 3 4 Total Product 10 Marginal Product 15 What is the maximum value of total product for this firm? a) 48 b) 25 c) 10 d) 40 Average Product 16 10

2. Table 1 below shows the number of baskets produced by a Bentle Weavers in the short run using three machines and labour. Use this table to answer the question below Capital 3 3 3 3 3 Labour 0 1 2 3 4 Total Product 10 Marginal Product 15 What is the maximum value of total product for this firm? a) 48 b) 25 c) 10 d) 40 Average Product 16 10

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2. Short Run Production Function and Total Product curve. You will need words, a chart and a graph here. Next, be sure to do the same for average and marginal product of labor. Explain what is going on in your graphs.
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