CHOOSE 1 WORD FROM EACH BRACKETS Production fuunction 9.=fCL)where averageproduct of labour AP)and murginal productinvurted u-shapcdof labour CMP.) are inurted u-shancd%3Dcurves (sinsle Ransnred u-shapcd(AAt noint APL =MP2%3DAP-/MPL acchicues its(Max/min)APL/MPLis .)(increasins/decrcasing13B for Values of L where MPL is Incrreasingis (increasing Idecreasing/either)APL is (abar/lelauleither) MPLAPLO for Uulues L where MPL IS decreasinsis lincrcasing/decreasing/cither)APLAPLis (alour/lelow/uther) MPChoose oneword in Urackcts.

We will first understand the relationship between the MP, AP curves. The curves are constructed by…

Production function 9.= fCL)where average product of labour LAPL) and murginal product of labaur CMPL) are inuerted u-shapcad inuurt At point APL =MP2 AP./MP. achicues its (max/min) APL/MPL is (increasins /deereasing.) B for values of L uhcre MPL is Increasing is (increasing/Idecrasing/either) APL is (abar/lelau/either) MPL APL Ofor Ualues L where MPL is cdecreasing APL IS is lincrcasing/decreasiny/cither.) APz is (aloue /lelow/uther) MP_ Choose one word in Urackets

Production function 9.= fCL)where average product of labour LAPL) and murginal product of labaur CMPL) are inuerted u-shapcad inuurt At point APL =MP2 AP./MP. achicues its (max/min) APL/MPL is (increasins /deereasing.) B for values of L uhcre MPL is Increasing is (increasing/Idecrasing/either) APL is (abar/lelau/either) MPL APL Ofor Ualues L where MPL is cdecreasing APL IS is lincrcasing/decreasiny/cither.) APz is (aloue /lelow/uther) MP_ Choose one word in Urackets

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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