Please solve the all sub-parts a microeconomics max in 60-90 minutes thank u 1. Which one is fixed and variable input?Table 4.1 The Use of Labor, Capital, and Related OutputAmount ofTotal Average MarginalOutput ProductLabor (L) Capital (K)1000Product21000501000150101000350151000525201000680251000800Fixed inputVariable input : Labor (L)2. Compute the average and marginal product of labor?: Capital (K)Amount ofTotalAverageProductMarginalProductOutputLabor (L)Сapital (K)1000210005050:2 = 25(50-0):(2-0)= 25(150-50):(5-2)=33.3331000150150:5= 30(350-150):(10-5)=40101000350350:10= 35(525-350):(15-10=35151000525525:15= 35(680-525):(20-15=31201000680680:20= 34(800-680):(25-20=242510008001000:25= 32Formula :Average productMarginal product: output/labor input: change in output/change in labor input3. Make a graph that show the relationship between labor (horizontal axis) and totalproduct, average product, and marginal product (vertical axis)4. Briefly explain the relationship between average and marginal product

Make a graph that show the relationship between labor (horizontal axis) and total product, average product, and marginal product (vertical axis) Briefly explain the relationship between average and marginal product

Make a graph that show the relationship between labor (horizontal axis) and total product, average product, and marginal product (vertical axis) Briefly explain the relationship between average and marginal product

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

Please solve the all sub-parts a microeconomics max in 60-90 minutes thank u

1. Which one is fixed and variable input?
Table 4.1 The Use of Labor, Capital, and Related Output
Amount of
Total Average Marginal
Output Product
Labor (L) Capital (K)
1000
Product
2
1000
50
1000
150
10
1000
350
15
1000
525
20
1000
680
25
1000
800
Fixed input
Variable input : Labor (L)
2. Compute the average and marginal product of labor?
: Capital (K)
Amount of
Total
Average
Product
Marginal
Product
Output
Labor (L)
Сapital (K)
1000
2
1000
50
50:2 = 25
(50-0):(2-0)= 25
(150-50):(5-2)=
33.333
1000
150
150:5= 30
(350-150):(10-5)=
40
10
1000
350
350:10= 35
(525-350):(15-10
=35
15
1000
525
525:15= 35
(680-525):(20-15
=31
20
1000
680
680:20= 34
(800-680):(25-20
=24
25
1000
800
1000:25= 32
Formula :
Average product
Marginal product
: output/labor input
: change in output/change in labor input
3. Make a graph that show the relationship between labor (horizontal axis) and total
product, average product, and marginal product (vertical axis)
4. Briefly explain the relationship between average and marginal product

Study of decisions made by households and business firms at an individual level. It includes several laws and theorems related to demand, supply, production, allocation of resources, and prices.

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