AverageProductLaborTotalMarginalProductInput Product14-1777.01587.512-2498043288.010-3977.84567.57507.18-AP1.) Using the 4-point curved line drawing tool, draw the marginal product curve,and label this line 'MP6-MP4-2.) Using the 4-point curved line drawing tool, draw the average product curve,and label this line 'AP'2-(For your control points, use 1,3, 4, and 7 units of labor.)Carefully follow the instructions above, and only draw the required objects.0-10Units of LaborThe marginal cost curve will intersect the average variable cost curve at itsV point, which occurs when total product equals units.minimummaximumMP, AP

Note: since you have already done the first two parts I am solving the third part. Answer:…

Labor Input Product Total Marginal Product Average Product 147 1 7.0 15 7.5 8.0 12- 3 24 4 32 8 8.0 10- 5 39 7.8 6 45 6 7.5 50 5 7.1 AP 1.) Using the 4-point curved line drawing tool, draw the marginal product curve, and label this line 'MP. 6- MP 2) Using the 4-point curved line drawing tool, draw the average product curve, and label this line 'AP. 4- 24 (For your control points, use 1,3, 4. and 7 units of labor.) Carefully folow the instructions above, and anly draw the required objects. 田 Units of Labor The marginal cost curve will intersect the average variable cost curve at its point which occurs when total product equals O units. minimum maximum MP, AP

Labor Input Product Total Marginal Product Average Product 147 1 7.0 15 7.5 8.0 12- 3 24 4 32 8 8.0 10- 5 39 7.8 6 45 6 7.5 50 5 7.1 AP 1.) Using the 4-point curved line drawing tool, draw the marginal product curve, and label this line 'MP. 6- MP 2) Using the 4-point curved line drawing tool, draw the average product curve, and label this line 'AP. 4- 24 (For your control points, use 1,3, 4. and 7 units of labor.) Carefully folow the instructions above, and anly draw the required objects. 田 Units of Labor The marginal cost curve will intersect the average variable cost curve at its point which occurs when total product equals O units. minimum maximum MP, AP

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 33CTQ: Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then...

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