LaborInput ProductTotalMarginalProductAverageProduct14-77.01587.512-32498.04.3288.010-3977.86457.55057.18-1.) Using the 4-point curved line drawing tool, draw the marginal product curve,and label this line 'MP2.) 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 LaborMP, AP

Marginal product of labor refers to change in the total production due to change in the one unit of…

Labor Total Marginal Product Average Product Input Product 7.0 2 15 7.5 124 3 24 8.0 4 32 8 8.0 10 5 39 7 7.8 6 45 6. 7.5 50 7.1 1.) Using the 4-point curved line drawing tool, draw the marginal product curve, and label this line MP. 6- 2) Using the d-point curved line drawing tool, draw the average product curve. and label this line 'AP. 2- For your control paints, use 1,3, 4, and 7 units of labor.) Carefully follow the instructions above, and only draw the required objects. Units of Labor MP. AP

Labor Total Marginal Product Average Product Input Product 7.0 2 15 7.5 124 3 24 8.0 4 32 8 8.0 10 5 39 7 7.8 6 45 6. 7.5 50 7.1 1.) Using the 4-point curved line drawing tool, draw the marginal product curve, and label this line MP. 6- 2) Using the d-point curved line drawing tool, draw the average product curve. and label this line 'AP. 2- For your control paints, use 1,3, 4, and 7 units of labor.) Carefully follow the instructions above, and only draw the required objects. Units of Labor MP. AP

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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