Given the data on the table, answer what is asked on the items below: Labor Input TPL AP. MP. L 1 7 18 3 30 4 44 62 6 78 88 8 94 9. 94 10 92 1. Compute the MPL & APL schedules above 2. Plot TP, AP. & MP. on a graphing paper and indicate the 3 production stages 3. What is the most efficient level of labor? (Highest AP.) 4. The Law of Diminishing Returns occurs at - worker. 5. When TP declines, MP i . 6. When MP is greater than AP, AP is. 7. What is the fixed input use in this production? - 8. What is the variable input use in this production? _ 9. When MP is 0, TP is at - of Labor. - point of production at_ level Q 10. State the Law of Diminishing Return. Based on the computed MP, at what input level does the law starts to operate?

Given the data on the table, answer what is asked on the items below: Labor Input TPL AP. MP. L 1 7 18 3 30 4 44 62 6 78 88 8 94 9. 94 10 92 1. Compute the MPL & APL schedules above 2. Plot TP, AP. & MP. on a graphing paper and indicate the 3 production stages 3. What is the most efficient level of labor? (Highest AP.) 4. The Law of Diminishing Returns occurs at - worker. 5. When TP declines, MP i . 6. When MP is greater than AP, AP is. 7. What is the fixed input use in this production? - 8. What is the variable input use in this production? _ 9. When MP is 0, TP is at - of Labor. - point of production at_ level Q 10. State the Law of Diminishing Return. Based on the computed MP, at what input level does the law starts to operate?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(Figure: Determining Marginal Returns) Based on both the table and the figure, adding a third worker leads to marginal returns. Average Product and Marginal Product Output 1 2 3 14 Labor 5 6 17 12 10 8 6 4 8 9 10 0 -2 BAY constant 2 Total Product O negative 5 12 21 31 40 48 54 57 57 increasing 54 diminishing 4 MP 5 7 9 10 9 8 6 3 0 3 6 Workers AP 5 6 7 7.75 8 8 7.71 7.12 6.33 5.4 8 10 12
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