Given the data on the table, answer what is asked on the items below: Labor Input TPL AP. MP. L 1 7 18 3 30 4 44 62 6 78 88 8 94 9. 94 10 92 1. Compute the MPL & APL schedules above 2. Plot TP, AP. & MP. on a graphing paper and indicate the 3 production stages 3. What is the most efficient level of labor? (Highest AP.) 4. The Law of Diminishing Returns occurs at - worker. 5. When TP declines, MP i . 6. When MP is greater than AP, AP is. 7. What is the fixed input use in this production? - 8. What is the variable input use in this production? _ 9. When MP is 0, TP is at - of Labor. - point of production at_ level Q 10. State the Law of Diminishing Return. Based on the computed MP, at what input level does the law starts to operate?

Given the data on the table, answer what is asked on the items below: Labor Input TPL AP. MP. L 1 7 18 3 30 4 44 62 6 78 88 8 94 9. 94 10 92 1. Compute the MPL & APL schedules above 2. Plot TP, AP. & MP. on a graphing paper and indicate the 3 production stages 3. What is the most efficient level of labor? (Highest AP.) 4. The Law of Diminishing Returns occurs at - worker. 5. When TP declines, MP i . 6. When MP is greater than AP, AP is. 7. What is the fixed input use in this production? - 8. What is the variable input use in this production? _ 9. When MP is 0, TP is at - of Labor. - point of production at_ level Q 10. State the Law of Diminishing Return. Based on the computed MP, at what input level does the law starts to operate?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 24RQ: What is a production technology?

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