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 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

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Description: The table below shows the information on labor and total output for a firm.Labor Total output Average product Marginal product00 16 216 324 428 530 630 728 824 Based on the table above,a) find average product and marginal product for every

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter7: Production And Cost In The Firm

Section: Chapter Questions

Problem 18PAE

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