0-5: The table below shows the total production of a firm as the quantity of labor employed increases. The quantities of all other resources employed are constant. Compute the marginal and average products and enter them in the table. Inputs of labor product Marginal Average Total product ofproduct of labor labor 1 40 100 3 165 4 200 5 225 240 7 245 8 240 (a) At what levels are there increasing returns to labor and at what levels are there decreasing returns to labor? (b) Describe the relationship between the total product and marginal product. (c) Describe the relationship between marginal and average product.

0-5: The table below shows the total production of a firm as the quantity of labor employed increases. The quantities of all other resources employed are constant. Compute the marginal and average products and enter them in the table. Inputs of labor product Marginal Average Total product ofproduct of labor labor 1 40 100 3 165 4 200 5 225 240 7 245 8 240 (a) At what levels are there increasing returns to labor and at what levels are there decreasing returns to labor? (b) Describe the relationship between the total product and marginal product. (c) Describe the relationship between marginal and average product.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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