Microeconomics
21st Edition
ISBN: 9781259915727
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 9.2, Problem 3QQ
To determine
Changes in marginal product.
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Explain the relationship between total product, marginal product, and averageproduct
ictions: (1) Use the tools provided 'AP' and 'MP' to draw the average product (AP) and marginal product (MP) curves. (2) To earn
edit for this graph, you must plot all required points (L = 1, 2, 3, 4, 5, 6, 7, and 8) for each curve.
Total Product
Average and Marginal Product
20
Tools
TP
15
AP
MP
10
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1
2.
3
4 5 6 7 8 9
2
3
4 5
6
7 8
9
Labor input
Labor input
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Marginal and average product
Inputs of labor
Total Product
Average Product Marginal Product
1
15
2
34
3
51
65
74
80
83
8.
82
Requirements:
1. Calculate the marginal and average products.
2. The plot in a graph the marginal products.
3. Explain why marginal product first rise, then decline and ultimately becomes
negative.
Chapter 9 Solutions
Microeconomics
Ch. 9.2 - Prob. 1QQCh. 9.2 - Prob. 2QQCh. 9.2 - Prob. 3QQCh. 9.2 - Prob. 4QQCh. 9.5 - Prob. 1QQCh. 9.5 - Prob. 2QQCh. 9.5 - Prob. 3QQCh. 9.5 - Prob. 4QQCh. 9.8 - Prob. 1QQCh. 9.8 - Prob. 2QQ
Ch. 9.8 - Prob. 3QQCh. 9.8 - Prob. 4QQCh. 9 - Prob. 1DQCh. 9 - Prob. 2DQCh. 9 - Prob. 3DQCh. 9 - Prob. 4DQCh. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 1RQCh. 9 - Which of the following are short-run and which are...Ch. 9 - Prob. 3RQCh. 9 - Indicate how each of the following would shift the...Ch. 9 - Prob. 5RQCh. 9 - Prob. 6RQCh. 9 - Prob. 1PCh. 9 - Prob. 2PCh. 9 - Prob. 3PCh. 9 - Prob. 4P
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Similar questions
- 19. Fill in the blanks in the accompanying table shown at the bot- tom of the page and answer the following questions: a. What happens to total product when marginal product is negative? b. What happens to average product when marginal product is greater than average product?arrow_forwardUNITS 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 $2arrow_forwardComment on the relationships of Total, Marginal and Average Productarrow_forward
- Microeconomics - Production FunctionA firm produces shoes using labor (L) and machinery (K) as factors of production. Its production function is Q = K1/3 * L2/3. Answer:(a) is the marginal product of labor (MPL) decreasing?b) is the average product of labor (APL) decreasing?c) what is the relationship between the average product (AP) and marginal product (MP) curves?d) what type of returns to scale does Q exhibit?arrow_forwardWhy does the marginal cost of production typically increase as the amount of output produced increases? a.A fixed factor of production causes diminishing marginal product b.Increasing returns to scale c.There are no fixed factors of production d.Decreasing returns to scalearrow_forwardQuestion 1 Capital (K) Labor (L) Total Product (TP) Average Product (AP) Marginal Product (MP) 10 0 0 10 1 5 10 2 15 10 3 30 10 4 50 10 5 75 10 6 85 10 7 90 10 8 92 10 9 92 10 10 90 1.1 From the information in the table, calculate marginal and average product of each level of output. 1.2 At what point of output does diminishing marginal returns occur?arrow_forward
- Production in the Short Runarrow_forward1. Suppose a chair manufacturer is producing in the short run (with its existing plant and equipment). The manufacturer has observed the following levels of production corresponding to different numbers of workers: NUMBER OF WORKERS NUMBER OF CHAIRS 10 2 18 3. 24 4 28 5. 30 28 6. 7 25 a. Calculate the marginal and average product of labor for this production function. b. Does this production function exhibit diminishing returns to labor? c. Explain intuitively what might cause the marginal product of labor to become negative.arrow_forwardc. Does the firm operate in the short run or long run? Why? d. What is the efficient scale of the firm?arrow_forward
- 10 . If marginal product is less than average product, then average product is : A. decreasing b - fixed C- None of the above d - growingarrow_forwardQuantity of Labor (workers) Total Product (units per hour) 0 12 34 56 0 259 151817 The table above shows the total product schedule for The X Firm. Increasing marginal returns occur until the worker because A) 4th; the average product of labor is also increasing B) 4th; the marginal product of the 4th worker exceeds the 3rd worker, but not the 5th worker C) 3rd; the average product of labor is also increasing D) 5th; output declines with the 6th worker E) 5th; output is maximizedarrow_forwardNonearrow_forward
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