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- Show and explain the relationship between total product, average product and marginal product.b. Explain the relationship between total product, marginal product, and averageproduct.(6) If marginal product is greater than average product (a) total product must be increasing. (b) marginal product must be decreasing. (c) marginal product must be increasing. (d) average product may be increasing or decreasing.
- Explain the relationship between total product, marginal product, and average product.How does the different combination of TP, MP and AP helps in knowing decreasing,constant and increasing marginal products? Draw suitable diagramsQuestion 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?Problem -2: The following table gives total output or total product as a function of labor units used. Labour Total Product 0 0 1 30 2 54 3 72 4 84 5 90 a. Define diminishing returns.b. Does the table indicate a situation of diminishing returns? Explain your answer.
- 3. What name is given to expenditures that must be made before production starts and that do not change regardless of the level of production? A. Marginal costs B. Diseconomies of scale C. Variable costs D. Fixed costs IWhich of the following is an implicit cost of production? 16: A) the utility bill paid to water, electricity, and natural gas companies B) the loss in the value of capital equipment due to wear and tear C) the salary you pay yourself for running your business D) the interest you pay your mother for the money she loaned you to start your businessExplain the relationship between total product, marginal product, and average product and how does fixed cost affect marginal cost? Why is this relationship important?
- Define factors of production and describehow they contribute to output.4 . When the average output reaches its highest level, the average output is .A. is greater than marginal product B. less than marginal productC. is equal to the marginal product D. equal to the total product4. Graphically show the interrelationship between Total Product and Marginal Product.