You have been provided with the following information for a farm producing potatoes in the short run. The output is measured in the number of potatoes produced per hour. Complete the average product and marginal product columns. Capital Labour TP AP MP 2 0 0 2 1 4 4.00 2 2 10 6 2 3 17 2 +4 25 25 2 5 32 2 6 88 38 2 7 42 6.00 4 2 8 44 2 9 44 2 10 43 At which point does the law of diminishing returns set in? a) fourth unit of labour b) fifth unit of labour c) sixth unit of labour d) seventh unit of labour
You have been provided with the following information for a farm producing potatoes in the short run. The output is measured in the number of potatoes produced per hour. Complete the average product and marginal product columns. Capital Labour TP AP MP 2 0 0 2 1 4 4.00 2 2 10 6 2 3 17 2 +4 25 25 2 5 32 2 6 88 38 2 7 42 6.00 4 2 8 44 2 9 44 2 10 43 At which point does the law of diminishing returns set in? a) fourth unit of labour b) fifth unit of labour c) sixth unit of labour d) seventh unit of labour
Chapter1: Making Economics Decisions
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![You have been provided with the following information for a farm producing potatoes in the short run. The
output is measured in the number of potatoes produced per hour. Complete the average product and
marginal product columns.
Capital
Labour
TP
AP
MP
2
0
0
2
1
4
4.00
2
2
10
6
2
3
17
2
+4
25
25
2
5
32
2
6
88
38
2
7
42
6.00
4
2
8
44
2
9
44
2
10
43
At which point does the law of diminishing returns set in?
a) fourth unit of labour
b) fifth unit of labour
c) sixth unit of labour
d) seventh unit of labour](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb5884819-6efe-4f96-bbe6-ef66ef29132b%2F3e5dbd3d-8136-4567-890d-5ea916e0e737%2Fc14c838_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You have been provided with the following information for a farm producing potatoes in the short run. The
output is measured in the number of potatoes produced per hour. Complete the average product and
marginal product columns.
Capital
Labour
TP
AP
MP
2
0
0
2
1
4
4.00
2
2
10
6
2
3
17
2
+4
25
25
2
5
32
2
6
88
38
2
7
42
6.00
4
2
8
44
2
9
44
2
10
43
At which point does the law of diminishing returns set in?
a) fourth unit of labour
b) fifth unit of labour
c) sixth unit of labour
d) seventh unit of labour
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