State the relationship between average product (AP)and marginal profit (MP) whenAP is increasing, is AP above (greater), below (less) or equal to MP? ________ chose oneAP is decreasing, is AP above, less or equal to MP? _________ choose oneAP is maximum, Is AP above, less of equal to MP? _____________ choose one

The marginal product is basically the rate of change of product with respect to the quantity of the…

Answered: AP is increasing, is AP above…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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State the relationship between average product (AP)and marginal profit (MP) when

AP is increasing, is AP above (greater), below (less) or equal to MP? ________ chose one
AP is decreasing, is AP above, less or equal to MP? _________ choose one
AP is maximum, Is AP above, less of equal to MP? _____________ choose one

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