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Please see the attachment and answer the following questions (i) There are three curves with different colours Please give names to these curves. (ii)Looking at TP (Total Product) curve and MP(marginal product curve), determine (locate) the level of output(see horizontal axis) level at which diminishing returns to labour start. (iii) When MP=0, will the TP be maximum Yes or no (iv) Does marginal product curve cut the maximum point of average product curve? This means both are equal. In the graph, at which level of output MP and AP are equa Table 8.1: Production of Apples in the Short run: Total Product, Average Product and Marginal Product in the Short-run Labor Inut TPL APL MPL 0 0 0 0 4 4 2 10 5 6 3 20 6.67 10 50 4 25 6.25 5 5 29 5.8 4 40 6 32 5.3 3 30 7 34 4.87 2 8 35 4.37 20 9 36 3.89 0 10 0 0 Series3 TPLAPL MPL 4 8 12 Series2 Series1 16 20 20

Please see the attachment and answer the following questions (i) There are three curves with different colours Please give names to these curves. (ii)Looking at TP (Total Product) curve and MP(marginal product curve), determine (locate) the level of output(see horizontal axis) level at which diminishing returns to labour start. (iii) When MP=0, will the TP be maximum Yes or no (iv) Does marginal product curve cut the maximum point of average product curve? This means both are equal. In the graph, at which level of output MP and AP are equa Table 8.1: Production of Apples in the Short run: Total Product, Average Product and Marginal Product in the Short-run Labor Inut TPL APL MPL 0 0 0 0 4 4 2 10 5 6 3 20 6.67 10 50 4 25 6.25 5 5 29 5.8 4 40 6 32 5.3 3 30 7 34 4.87 2 8 35 4.37 20 9 36 3.89 0 10 0 0 Series3 TPLAPL MPL 4 8 12 Series2 Series1 16 20 20

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 9P
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Please see the attachment and answer the following questions (i) There are three curves with different colours Please give names to these curves. (ii)Looking at TP (Total Product) curve and MP(marginal product curve), determine (locate) the level of output(see horizontal axis) level at which diminishing returns to labour start. (iii) When MP=0, will the TP be maximum Yes or no (iv) Does marginal product curve cut the maximum point of average product curve? This means both are equal. In the graph, at which level of output MP and AP are equa
Transcribed Image Text:Please see the attachment and answer the following questions (i) There are three curves with different colours Please give names to these curves. (ii)Looking at TP (Total Product) curve and MP(marginal product curve), determine (locate) the level of output(see horizontal axis) level at which diminishing returns to labour start. (iii) When MP=0, will the TP be maximum Yes or no (iv) Does marginal product curve cut the maximum point of average product curve? This means both are equal. In the graph, at which level of output MP and AP are equa
Table 8.1: Production of Apples in the Short run: Total Product, Average Product and Marginal Product in the Short-run Labor Inut TPL APL MPL 0 0 0 0 4 4 2 10 5 6 3 20 6.67 10 50 4 25 6.25 5 5 29 5.8 4 40 6 32 5.3 3 30 7 34 4.87 2 8 35 4.37 20 9 36 3.89 0 10 0 0 Series3 TPLAPL MPL 4 8 12 Series2 Series1 16 20 20
Transcribed Image Text:Table 8.1: Production of Apples in the Short run: Total Product, Average Product and Marginal Product in the Short-run Labor Inut TPL APL MPL 0 0 0 0 4 4 2 10 5 6 3 20 6.67 10 50 4 25 6.25 5 5 29 5.8 4 40 6 32 5.3 3 30 7 34 4.87 2 8 35 4.37 20 9 36 3.89 0 10 0 0 Series3 TPLAPL MPL 4 8 12 Series2 Series1 16 20 20
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