The table below tracks the total product that results from each level of labor.Units of Labor (L)Total Product (TP)Average Product (APL)Marginal Product (MPL)13210324436406.4274240Required:1- Calculate average product of labor (APL) and marginal product of labor (MPL)2- Draw only Average product of labor (APL) and marginal product (MPL) curves

Given: Unit of labor (L) Total product(TP) 0 0 1 3 2 10 3 24 4 36 5 40 6 42 7 42…

The table below tracks the total product that results from each level of labor. Units of Labor (L) Total Product (TP) Average Product (APL) Marginal Product (MPL) 1 2 10 24 4 36 40 6 42 7 42 8. 40 Required: 1- Calculate average product of labor (APL) and marginal product of labor (MPL) 2- Draw only Average product of labor (APL) and marginal product (MPL) curves

The table below tracks the total product that results from each level of labor. Units of Labor (L) Total Product (TP) Average Product (APL) Marginal Product (MPL) 1 2 10 24 4 36 40 6 42 7 42 8. 40 Required: 1- Calculate average product of labor (APL) and marginal product of labor (MPL) 2- Draw only Average product of labor (APL) and marginal product (MPL) curves

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Given the number of labor and the total product in the following table, 1- find the average product (APL) and marginal product (MPL) of labor. 2- Draw Total product (TP), average product (APL) and marginal product (MPL) of labor curves Labor (L) Total Product (TP) | Average Product of labor Marginal Product of labor (APL) (APL) 1 10 24 3 39 4 52 5 61 6 66 7 66 8 64 9 54 10 40
Total Product 75 68 66 57 42 15 0 23 never intersect the horizontal axis. 5 6 7 8 Refer to the figure above, if the marginal product of labor curve was plotted on this figure, with marginal product on the vertical axis, the marginal product of labor curve would Labor (units) reach its maximum at the 5th unit of labor. intersect the horizontal axis at a point somewhere beyond the 8th unit of labor. intersect the horizontal axis at a point between the 5th and 6th unit of labor.
Using the table below, what is the Marginal Product of Labor for the 4th worker? Quantity produced Fixed Cost Variable Cost 6,000 6,000 6,000 6,000 6,000 6,000 6,000 Number of workers 500 1,000 1,500 2,000 2,500 3,000 1 1,000 1,900 2,700 3,400 4,000 3 4 6. 4,500 800 700 600 O 500
Variable input labour Fixed input Land Marginal product Total product Average product 1 5acres 9 2 5acres 20 3 5acres 33 4 5acres 48 5 5acres 55 6 5acres 60 7 5acres 63 8 5acres 64 9 5acres 63 10 5acres 60 i. Complete the table above ii. On the same table show the various stages of production. iii. Explain why marginal product of labour is negative.
The data in the table below represents Total product (TP), for an agri-business involved in potato production. Саpital (fixed factor) Labor Marginal physical product (MPPL) Оutput(units) Average physical product (АPPL) (variable factor) or Total physical product (TPP1) 10 10 1 7 10 2 20 10 3 39 10 4 55 10 66 10 6 70 10 7 70 10 8 67 (i) Calculate the marginal product and average product value. (ii) At what point do diminishing marginal returns set in? And using the values of AP and MP obtained from part (i), plot the graphs of TP, AP and MP being careful to fully label the graph and explain briefly the law of diminishing marginal returns from your computation. (iii) How does the hypothesis of diminishing returns (MP& AP) influence the behaviour of costs (MC& AC)?
Complete the following table: Quantity Marginal Product of Average Product of Of Variable Total Variable Variable Input Output Input Input 50 30 90 4 96 24
12
please computation for the following production function. found in table 13 show computation for each row.
please Answer
QUESTION 18 The following table shows the DVDS production. Study the table and answer the questions? Labor (L) Total Marginal Product Average Product of MRPL product of labor (TPL) W (MPL) labor (APL) 20 20 30 36 4 40 42 42 1. Based on the above table, how much is the marginal product (MPL) of the 3rd labor? 2. Based on the above table, which labor has the largest marginal product?
Labor(workers per day) Total product (units per day) Marginal product Average product 0 0 0 0 1 2 2 2 2 8 3 12 4 15 5 16 1 In the above table, the marginal product is greatest when the fourth worker is hired. first worker is hired. third worker is hired. second worker is hired.
Total Product 75 68 66 57 42 15 0 1 2 3 4 5 6 7 8 Labor (units) Refer to Figure 11-1. If the marginal product of labor curve was plotted on this figure, with marginal product on the vertical axis, the marginal product of labor curve would never intersect the horizontal axis. intersect the horizontal axis at a point between the 5th and 6th unit of labor. intersect the horizontal axis at a point between the 6th and 7th unit of labor. intersect the horizontal axis at a point somewhere beyond the 8th unit of labor.