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Show and explain the relationship between total product, average product and marginal product.

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter8: Costs And The Supply Of Goods

Section: Chapter Questions

Problem 19CQ

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How would you calculate average product? How would you calculate marginal product?
UNITS OF VARIABLE TOTAL MARGINAL AVERAGE PRICE OF INPUT PRODUCT PRODUCT PRODUCT INPUT TOTAL VARIABLE COST AVERAGE VARIABLE COST TOTAL FIXED TOTAL AVERAGE TOTAL MARGINAL COST COST COST COST 012345678 0 $1 $2 6 $1 2 15 $1 27 $1 37 $1 45 $1 50 $1 52 $1 50 $1 ଖ ଖ ଖ ଖ ଖ ଖ ଖ ଖ ଖ $2 $2 $2 $2 $2 $2 $2 $2
Why does the marginal cost of production typically increase as the amount of output produced increases? a.A fixed factor of production causes diminishing marginal product b.Increasing returns to scale c.There are no fixed factors of production d.Decreasing returns to scale
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ictions: (1) Use the tools provided 'AP' and 'MP' to draw the average product (AP) and marginal product (MP) curves. (2) To earn edit for this graph, you must plot all required points (L = 1, 2, 3, 4, 5, 6, 7, and 8) for each curve. Total Product Average and Marginal Product 20 Tools TP 15 AP MP 10 -5 1 2. 3 4 5 6 7 8 9 2 3 4 5 6 7 8 9 Labor input Labor input 8%%5品万刀的88899 Marginal and average product