solve the question Q.1. complete the table and draw the diagrams.MPLAPLMarginal MRPLOutputElasticityWagesRevenue1100$500$1080$500$1060$500$10440$500$10520$500$102.3.

Answered: Q.1. complete the table and draw the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q.1. complete the table and draw the diagrams.
MPL
APL
Marginal MRPL
Output
Elasticity
Wages
Revenue
1
100
$500
$10
80
$500
$10
60
$500
$10
4
40
$500
$10
5
20
$500
$10
2.
3.

Expert Solution

Step 1

" Since you have asked multiple questions, we will answer only first question for you. If you have any other doubt then mention that or post only that question."

Total Product of Labor (TPL) shows the total output (Q). To calculate the output, we need to add up the marginal product simultaneously for each labour as shown in the table.

Average Product of Labor (APL) equals output per labour.

Output elasticity of labour measures the response of output to a change in labour.

Marginal revenue product of labour (MRPL) is the extra revenue generated when an additional worker is employed.

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