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 200- 2 1 4 4.00 2 2 10 6 23 17 24 25 25 32 2 6 38 2 7 42 6.00 4 28 44 29 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 200- 2 1 4 4.00 2 2 10 6 23 17 24 25 25 32 2 6 38 2 7 42 6.00 4 28 44 29 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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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