Labo r (wor kers) 0 1 2 3 4 5 6 Total product (units) 0 14 19 Marginal product 3 3 1 Ave rage prod uct 4.5 The above (incomplete) table provides information about the relationships between labor and various product measures. The provided information should be enough to recover the missing information in the table. Fill in the blank with the correct numbers for the Total Product Column and the Marginal Product Column. • After completing the table, you find that the amount of labor that maximizes the marginal product of labor is units of labor. • Without calculating the Average Product, just use what we learned in class about the relationship between MP and AP, the average product of the fourth unit of labor should be (>, , or <) the marginal product of the fourth unit of labor.

Labo r (wor kers) 0 1 2 3 4 5 6 Total product (units) 0 14 19 Marginal product 3 3 1 Ave rage prod uct 4.5 The above (incomplete) table provides information about the relationships between labor and various product measures. The provided information should be enough to recover the missing information in the table. Fill in the blank with the correct numbers for the Total Product Column and the Marginal Product Column. • After completing the table, you find that the amount of labor that maximizes the marginal product of labor is units of labor. • Without calculating the Average Product, just use what we learned in class about the relationship between MP and AP, the average product of the fourth unit of labor should be (>, , or <) the marginal product of the fourth unit of labor.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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