The table below shows the information on labor and total output for a firm. Labor  Total output   Average product   Marginal product 0 0     1 6     2 16     3 24     4 28     5 30     6 30     7 28     8 24     Based on the table above, a) find average product and marginal product for every input of labor.  b) Draw curve of total product, average product and marginal product for each level of labor. (You can use excel to draw the curve) c) State the relationship between marginal product and total product

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question
100%

The table below shows the information on labor and total output for a firm.

Labor  Total output   Average product   Marginal product
0 0    
1 6    
2 16    
3 24    
4 28    
5 30    
6 30    
7 28    
8 24    

Based on the table above,

a) find average product and marginal product for every input of labor. 

b) Draw curve of total product, average product and marginal product for each level of labor. (You can use excel to draw the curve)

c) State the relationship between marginal product and total product. 

 

The table below shows the information on labor and total output for a firm.
Labor
Total output
Average product
Marginal product
1
16
24
4
28
30
6.
30
28
8
24
Based on the table above,
a) find average product and marginal product for every input of labor.
b) Draw curve of total product, average product and marginal product for each level of labor. (You can use excel to draw the curve)
c) State the relationship between marginal product and total product.
Transcribed Image Text:The table below shows the information on labor and total output for a firm. Labor Total output Average product Marginal product 1 16 24 4 28 30 6. 30 28 8 24 Based on the table above, a) find average product and marginal product for every input of labor. b) Draw curve of total product, average product and marginal product for each level of labor. (You can use excel to draw the curve) c) State the relationship between marginal product and total product.
Expert Solution
trending now

Trending now

This is a popular solution!

video

Learn your way

Includes step-by-step video

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education