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The following table represents data for a salon. Draw a graph showing total product , marginal product of labor and average product of labor. Identify where increasing returns, diminishin returns and negative returns set in on the total product curve Total Product Labor Units (Employees) (Haircuts Per Day) Marginal Product of Labor Average Product of Labor 7. 17 7.00 10 8.50 10.33 31 14 4. 44 13 11.00 55 11 11.00 64 10.67 7. 69 9.86 69 863 9. 65 7.22 5.90 10 59

The following table represents data for a salon. Draw a graph showing total product , marginal product of labor and average product of labor. Identify where increasing returns, diminishin returns and negative returns set in on the total product curve Total Product Labor Units (Employees) (Haircuts Per Day) Marginal Product of Labor Average Product of Labor 7. 17 7.00 10 8.50 10.33 31 14 4. 44 13 11.00 55 11 11.00 64 10.67 7. 69 9.86 69 863 9. 65 7.22 5.90 10 59

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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The following table represents data for a salon. Draw a graph showing total product , marginal product of labor and average product of labor . Identify where increasing returns, diminishin returms and negative returns set in on the total product curve Labor Units (Employees) Total Product (Haircuts Per Day) Marginal Product of Labor Average Product of Labor 7.00 17 10 8.50 10.33 11.00 31 14 4. 44 13 55 11 11.00 64 10.67 7. 69 9.86 69 8.63 65 7.22 5.90 10 59
Transcribed Image Text:The following table represents data for a salon. Draw a graph showing total product , marginal product of labor and average product of labor . Identify where increasing returns, diminishin returms and negative returns set in on the total product curve Labor Units (Employees) Total Product (Haircuts Per Day) Marginal Product of Labor Average Product of Labor 7.00 17 10 8.50 10.33 11.00 31 14 4. 44 13 55 11 11.00 64 10.67 7. 69 9.86 69 8.63 65 7.22 5.90 10 59
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