UNITS 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 $2 c. What happens to average product when marginal product is less than average product? d. At what point does marginal product begin to decrease? e. At what point does marginal cost begin to increase?

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
UNITS 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
$2
Transcribed Image Text:UNITS 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 $2
c. What happens to average product when marginal product
is less than average product?
d. At what point does marginal product begin to decrease?
e. At what point does marginal cost begin to increase?
Transcribed Image Text:c. What happens to average product when marginal product is less than average product? d. At what point does marginal product begin to decrease? e. At what point does marginal cost begin to increase?
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