Exercise: If the fixed Input capital is k* = 3 and the variable input of labor is from 0 by 2's to 20; and output is from 0 for 0 labor, 76 for 2 laborers - from 76 Increase for every 25% of output starting for 4 laborers to 20 laborers. Find the change in labor, output, marginal product of labor and average product of labor. Show it in a table. Number of Labor (L) (1) (2) DL Change in Labor (3) (4) Total product or Output (Q) (5) (6) Average product (AP=Q/L) (7) (8) Marginal product (MP=DQ/DL) (9) (10)

Exercise: If the fixed Input capital is k* = 3 and the variable input of labor is from 0 by 2's to 20; and output is from 0 for 0 labor, 76 for 2 laborers - from 76 Increase for every 25% of output starting for 4 laborers to 20 laborers. Find the change in labor, output, marginal product of labor and average product of labor. Show it in a table. Number of Labor (L) (1) (2) DL Change in Labor (3) (4) Total product or Output (Q) (5) (6) Average product (AP=Q/L) (7) (8) Marginal product (MP=DQ/DL) (9) (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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