I need to understand how to get the answers for the blanks **Instructions:**Fill in the gaps in the table below. *(Enter your responses rounded to two decimal places.)***Table:**| Quantity of Variable Input | Total Output | Marginal Product of Variable Input | Average Product of Variable Input ||----------------------------|--------------|-----------------------------------|----------------------------------|| 0 | 0 | -- | -- || 1 | 225 | 225 | 225 || 2 | [Blank] | [Blank] | 300 || 3 | [Blank] | 325 | 308.33 || 4 | 1,190 | [Blank] | [Blank] || 5 | [Blank] | 250 | [Blank] || 6 | 1,427.5 | -12.5 | 237.92 |**Explanation:**The table is designed to illustrate the relationship between the quantity of a variable input and its resulting outputs, as well as the calculations for the marginal and average products.- **Quantity of Variable Input:** This column lists the number of variable inputs used in production. - **Total Output:** This indicates the total amount of output produced with the given quantity of variable input. - **Marginal Product of Variable Input:** This represents the additional output from one more unit of input. It is calculated by finding the difference in total outputs as inputs increase. - **Average Product of Variable Input:** This is the output per unit of input, calculated by dividing the total output by the quantity of variable input.

The average product of variable input is the ratio of total output product with respect to the total…

Fill in the gaps in the table below. (Enter your responses rounded to two decimal places.) Quantity of Variable Average Product of Variable Marginal Total Product of Input Output Variable Input Input 1 225 225 225 2 300 3 325 308.33 4 1,190 250 6 1,427.5 - 12.5 237.92

Fill in the gaps in the table below. (Enter your responses rounded to two decimal places.) Quantity of Variable Average Product of Variable Marginal Total Product of Input Output Variable Input Input 1 225 225 225 2 300 3 325 308.33 4 1,190 250 6 1,427.5 - 12.5 237.92

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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