2. Compute the average and marginal product of labor? Amount of Total Average Product Marginal Product Output Labor (L) Capital (K) 1000 1000 50 50:2 = 25 (50-0):(2-0)= Z %3D 1000 (150-50):(5-2) 33.333 150 150:5= 30 350 (350-150):(10-5 40 10 1000 350:10= 35 525 (525-350):(15-1 =35 15 1000 525:15= 35 (680-525):(20-1 =31 20 1000 680 680:20= 34 (800-680):(25-2 =24 25 1000 800 1000:25= 32 Formula : 2.
2. Compute the average and marginal product of labor? Amount of Total Average Product Marginal Product Output Labor (L) Capital (K) 1000 1000 50 50:2 = 25 (50-0):(2-0)= Z %3D 1000 (150-50):(5-2) 33.333 150 150:5= 30 350 (350-150):(10-5 40 10 1000 350:10= 35 525 (525-350):(15-1 =35 15 1000 525:15= 35 (680-525):(20-1 =31 20 1000 680 680:20= 34 (800-680):(25-2 =24 25 1000 800 1000:25= 32 Formula : 2.
Chapter7: Production And Cost In The Firm
Section: Chapter Questions
Problem 3.7P
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