**Question 14: Analysis of Labor Input and Product Output** Use the following data to answer the question: | Inputs of Labor | Total Product | |-----------------|---------------| | 0 | 0 | | 1 | 10 | | 2 | 22 | | 3 | 36 | | 4 | 48 | | 5 | 58 | | 6 | 66 | | 7 | 63 | **Question:** The average product (AP) when four units of labor are hired is: **Multiple Choice Options:** - 10 - 12 - 192 - 24 **Explanation:** The average product (AP) is calculated by dividing the total product by the number of labor inputs. To find the AP when four units of labor are hired, divide the total product (48) by the labor input (4). **Answer:** The average product (AP) is 12.
**Question 14: Analysis of Labor Input and Product Output** Use the following data to answer the question: | Inputs of Labor | Total Product | |-----------------|---------------| | 0 | 0 | | 1 | 10 | | 2 | 22 | | 3 | 36 | | 4 | 48 | | 5 | 58 | | 6 | 66 | | 7 | 63 | **Question:** The average product (AP) when four units of labor are hired is: **Multiple Choice Options:** - 10 - 12 - 192 - 24 **Explanation:** The average product (AP) is calculated by dividing the total product by the number of labor inputs. To find the AP when four units of labor are hired, divide the total product (48) by the labor input (4). **Answer:** The average product (AP) is 12.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:**Question 14: Analysis of Labor Input and Product Output**
Use the following data to answer the question:
| Inputs of Labor | Total Product |
|-----------------|---------------|
| 0 | 0 |
| 1 | 10 |
| 2 | 22 |
| 3 | 36 |
| 4 | 48 |
| 5 | 58 |
| 6 | 66 |
| 7 | 63 |
**Question:**
The average product (AP) when four units of labor are hired is:
**Multiple Choice Options:**
- 10
- 12
- 192
- 24
**Explanation:**
The average product (AP) is calculated by dividing the total product by the number of labor inputs. To find the AP when four units of labor are hired, divide the total product (48) by the labor input (4).
**Answer:**
The average product (AP) is 12.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education