Give relation between average product and marginal product.

Q: Calculate average product and marginal product for the information provided in the table. Input of…

A:

Q: Explain difference between Returns to Scale Returns to Factor.

A: The difference between returns to scale and returns to factors is as follows:-

Q: The following table represents data for a salon. Draw a graph showing total product , marginal…

A: Total product refers to the total output produced by the firm with the given input at a specific…

Q: Which of the following is correct about marginal and average products? A) When the average product…

A: Marginal product refers to addition in total output and when more unit of variable input is used in…

Q: According to the law of diminishing returns, if a factory keeps adding more workers while keeping…

A: The law of diminishing returns is an economic concept that explains the relationship between inputs…

Q: Inpúts of Labor Marginal Product Average Product Total Product 15 2 34 3 51 4. 64 75 6. 84 91

A: Total Production - is the production done by producer by using all resources  Marginal Production-…

Q: Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two…

A: Marginal physical product of labour (MPP) is defined as the extra unit of physical product generated…

Q: Given the following production function, complete the missing values. Labour Quantity of chicken per…

A: Total Production refers that total production by using the given factor and the average production…

Q: Figure 2 shown below depicts a production function for a firm that produces cookies. As the number…

A: Here, the given graph shows the production function of a firm with output on Y-axis and labor input…

Q: Total Output of (workers per week) Portable Power Banks Input of Labor Average- Product 1 10 2 18 3…

A: Total product is the total production done by the producer by using the all variable and fixed cost…

Q: How would you calculate average product? How would you calculate marginal product?

A: The average product (AP) is the total output or production in units divided by the total input used…

Q: Create a table describing input combinations of labor and wheat flour in producing a certain cake.…

A: An isoquant depicts all possible combinations of elements that result in a specific outcome.

Q: What is the marginal product and average product of employing 3rd labor- (1) Total Labor Units…

A: The additional output or outcome gained by using one more unit of input while keeping all other…

Q: Say the marginal product of labour in production is 4 and the average product of labour is 7. Then,…

A: Marginal product of labor refers to an increase in total product because of addition of one more…

Q: 1. Q = a₁₂H + a₂L + a¸ H² + a₁₂L² + a¸ HL, where a, >0 2. Q=aHLY, where a, a, y >0. a) Derive the…

A: A production function is an economic concept that explains the relationship between the amount of…

Q: Quantity of Variable Input Marginal Product of Variable Input Average Product of Variable Input…

A: Formula to find total output: Total output = Average product of variable input * Quantity of…

Q: Explain what is meant by and what causes "Diminishing Marginal Product". Why is it only relevant in…

A: Marginal product refers to the increase in outpit resulting from employing additional units of…