8. Questions 8 and 9 are based on the table below. Compete the table and use the data to answerthese questionsUnits of labourTotal productAverage productMarginal product(N)(ТР)(АР)(MP)12024536642110014The total product of 4 units isa)20b)80c)84d)1149. The marginal product of the fifth unit isа)14b)16c) 21d)25

TP refers to the entire amount of output produced by a company during a specified time period using…

Answered: The total product of 4 units is a) b)…

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The total product of 4 units is a) b) 80 c) 84 d) 114 9. The marginal product of the fifth unit is 20

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter26: Factor Markets: With Emphasis On The Labor Market

Section26.1: Factor Markets

Problem 2ST

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1 2 WN 3 4 5 6 7 8 9 WN=86 10 11 12 A B Capital (K) 1 1 1 1 1 1 1 1 1 1 с Labor (L) 1 AWNP 2 3 4 5 6 7 8 9 10 Total Product (TP) 10 Average Product (AP) 10 12.33 12.25 == 10.67 9.57 8.38 5.8 22 37 58 64 67 E 64 F Marginal Product (MP) 10 12 12 9 3 -3 -6 G 13 14 a. Complete the table above (SHOW FORMULAS USING EXCEL) 15 b. Create the graph of Total Product, Average Product, and Marginal Product as a function of Labor (SHOW STEP BY STEP PROCESS USING EXCEL) 16
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