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
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 17P
Related questions
Question
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
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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