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What is the relationship between total product, average product and marginal product. draw the graph and explain it. how can you differentiate between short time period and long time period Table Table 16.1: Returns to Labour Units of Labour Total Product (Quintals) Marginal Product (Quintals) Average Product (Quintals) AL 80 80 - 80 170 270 90 83 100 90 368 430 98 62 S0 92 86 80 24 72 63 495 480 -9 SS 10 -15 48

What is the relationship between total product, average product and marginal product. draw the graph and explain it. how can you differentiate between short time period and long time period Table Table 16.1: Returns to Labour Units of Labour Total Product (Quintals) Marginal Product (Quintals) Average Product (Quintals) AL 80 80 - 80 170 270 90 83 100 90 368 430 98 62 S0 92 86 80 24 72 63 495 480 -9 SS 10 -15 48

Economics (MindTap Course List)
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter21: Production And Costs
Section21.5: Production And Costs In The Long Run
Problem 1ST
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What is the relationship between total product, average product and marginal product. draw the graph and explain it. how can you differentiate between short time period and long time period Table Table 16.1: Returns to Labour Units of Labour Total Product Marginal Product (Quintals) Average Product (Quintals) (Quintals) AL 7. 80 80 - 80 170 90 100 83 90 3 270 4 368 430 480 92 86 6. 80 7 S04 72 S04 63 9. 495 480 10 -15
Transcribed Image Text:What is the relationship between total product, average product and marginal product. draw the graph and explain it. how can you differentiate between short time period and long time period Table Table 16.1: Returns to Labour Units of Labour Total Product Marginal Product (Quintals) Average Product (Quintals) (Quintals) AL 7. 80 80 - 80 170 90 100 83 90 3 270 4 368 430 480 92 86 6. 80 7 S04 72 S04 63 9. 495 480 10 -15
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