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 c. What happens to average product when marginal product is less than average product? d. At what point does marginal product begin to decrease? e. At what point does marginal cost begin to increase?
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 c. What happens to average product when marginal product is less than average product? d. At what point does marginal product begin to decrease? e. At what point does marginal cost begin to increase?
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter5: Buying The Necessities
Section: Chapter Questions
Problem 20AA
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Transcribed Image Text: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
Transcribed Image Text:c. What happens to average product when marginal product
is less than average product?
d. At what point does marginal product begin to decrease?
e. At what point does marginal cost begin to increase?
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