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

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

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Diminishing returns begins with the addition of the 2nd,5th,4th or 3rd worker 

The total product curve is shown on the left. Plot the marginal and average product curves using the data from the table. Instructions: (1 Use the tools provided 'AP' and 'MP' to draw the average product (AP) and marginal product (MP) curves. (2) To earn full credit for this graph, you must plot all required points (L-1, 2, 3, 4, 5, 6, 7, and 8) for each curve. Total Product Average and Marginal Product 100 95 90 85 80 75 70 65 60 55 20 TP 15 10 45 40 -5 01 2 7 89 3. 4. 6. 012 3 4 6. 7 8 9 Labor input Labor input Total product Marginal and average product
Transcribed Image Text:The total product curve is shown on the left. Plot the marginal and average product curves using the data from the table. Instructions: (1 Use the tools provided 'AP' and 'MP' to draw the average product (AP) and marginal product (MP) curves. (2) To earn full credit for this graph, you must plot all required points (L-1, 2, 3, 4, 5, 6, 7, and 8) for each curve. Total Product Average and Marginal Product 100 95 90 85 80 75 70 65 60 55 20 TP 15 10 45 40 -5 01 2 7 89 3. 4. 6. 012 3 4 6. 7 8 9 Labor input Labor input Total product Marginal and average product
Complete the following table by calculating marginal product and average product. nstructions: Enter your answers as a whole number. Inpúts of Labor Marginal Product Average Product Total Product 15 34 3 51 4. 64 75 84 91 8. 96 2. 5. 6. 7.
Transcribed Image Text:Complete the following table by calculating marginal product and average product. nstructions: Enter your answers as a whole number. Inpúts of Labor Marginal Product Average Product Total Product 15 34 3 51 4. 64 75 84 91 8. 96 2. 5. 6. 7.
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