Give relation between total product and marginal product.

Q: When the average product is increasing, marginal product: a. equals average product b. is…

A: Average product (AP) is the output produced per unit of input (labor, capital, etc.) used. It is…

Q: rease in average

A: Economies of scale are the cost advantages being reaped by companies when production in turn becomes…

Q: When the average output reaches its highest level, the average output is . A. is greater than…

A: Average product refers to the output obtained from the per unit of inputs of variable factors. The…

Q: b. Describe the relationship between the marginal product and the total product of a firm

A: Marginal product of of a firm is the additional product when an extra unit of factor of production…

Q: Which of the following is not possible? When the total product is decreasing, marginal product is…

A: Total product is the summation of the all product produce with the help of factors of production.…

Q: The shape of this production function suggests O A. a constant marginal product of capital. B. an…

A: Marginal product of capital is the additional output obtained by increasing capital by one unit. The…

Q: what is the main difference between average physical and marginal physical product?  describe the…

A: Q) what is the main difference between average physical and marginal physical product? APP means the…

Q: What is meant by production function. Why it is so significant.

A: A mathematical description of the relationship between inputs and outputs during the creation of a…

Q: Each extra worker produces an extra unit of output up to 6 workers. After 6, no additional output is…

A: Economics is a social science that studies how individuals, businesses, governments, and societies…

Q: When total product is increasing at an increasing rate, marginal product is:  positive and…

A: Production is the process of creating finished goods and services using the available raw materials…

Q: xplain the relationship between total product, marginal product, and average product. How does the…

A: Microeconomics is a branch of economics that deals with the behavior, consumption, and allocation…

Q: Which of the following is correct about marginal and average products? A) When the average product…

A: Marginal product refers to addition in total output and when more unit of variable input is used in…

Q: Define returns to scale and it's all aspects.

A: Returns to scale Returns to scale refers to the proportionality of changes in output when all inputs…

Q: When the marginal product of labor equals the average product of labor, then a.the mar d. c. the…

A: Average product refers to total product per unit of labour. Marginal product refers to change in…

Q: The change in ourtput or total product the business would achieve in the current period byexpanding…

A: Production of a firm is the process through which the inputs are used to make the final output.…

Q: i) If total product is increasing, the marginal product must also be increasing

A: The given statement is incorrect.

Q: The table shows total production of a firm. If units of labour (L) increase, find below.…

A: We use the following formulas, Marginal product = Current total product - Previous total product…

Q: FIRM X SPENT $100m to upgrade its equipment last year. this year, the amount represents: a. An…

A: Taking definition of each statement An accounting cost : its cost of operating a business it…

Q: 1. Show and explain the relationship between total product, average product and marginal product.

A: Average Product (AP)= Total Product (TP)/ Labour (L). It denotes the addition of variable factor to…

Q: 19. Fill in the blanks in the accompanying table shown at the bot- tom of the page and answer the…

A: We have used the following formulae: Marginal product= Change in total product/Change in variable…

Q: Which of the FF. statements is correct about the diminishing returns to labor? A. The diminishing…

A: When labor is employed in the production process, it gives returns in terms of production of output…

Q: 26. The period of time when a firm is able te changeali of innuts, or factors of production, is…

A: Broadly, there are two types of factors of production, fixed factors, and variable factors.

Q: 1) Describe the factors of production.

A: Factors of production are necessary for producing the goods and services, the different factors of…

Q: When the marginal product of labor equals the average product of labor, then a. the marginal product…

A: Marginal product is the additional output produced by employing an additional unit of input.

Q: Quan $10 FIGURE 4-1 Isoquants fo With constant returns to s will be the straight line thr line ab…

A: The complement inputs are used in the fixed proportion. These inputs are used jointly.

Q: which of the following statements about the short-run production is true   A. Total product starts…

A: We have to find true statement of short run production function.

Q: In a short-run production process, a diminishing marginal product of labor explains why marginal cos…

A: The marginal product of labor can be defined as the increase in the output resulting from an…

Q: Average product is equal to A) marginal product + total product. B) total product + marginal…

A: When talking about average of any economic variable or measurement, it can be said that it explains…

Q: The total product curve shows the relationship between total product a A) the marginal product. B)…

A: Total product refers to the quantity of output that a firm produces using factors of production.

Q: Output per worker (S, thousands) Production lunction (ater technological proge Production function…

A: Diminishing marginal product of capital states that as more and more capital is used for production…

Q: Explain production function by describing Total (TP), Average (AP) and Marginal Product (MP). Use…

A: Microeconomics studies the economic behavior of the individual units such as a seller, a buyer, a…

Q: Describe the relationship between the marginal product and the total product of a firm [

A: Total product can be defined as the total output produced by all the workers while the marginal…

Q: Explain Production Function and exaplain Developing a Production Function for your company.

A: Answer to the question is as follows:

Q: 2. Short Run Production Function and Total Product curve. You will need words, a chart and a graph…

A: Short-Run Production Function and Total Product Curve:  In the short run, some factors are fixed…

Q: Complete the following table. Find out the total product (TP), average product (AP), marginal…

A: Fixed costs don't vary depending on the volume of sales or output. The number of products or…