Inputs of labor Total Product Average Product Marginal Product 1 15 34 51 4 65 74 6 80 7 83 8. 82 Requirements: 1. Calculate the marginal and average products. 2. The plot in a graph the marginal products. 3. Explain why marginal product first rise, then decline and ultimately becomes negative.

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter8: Production And Costs
Section: Chapter Questions
Problem 2WNG
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Inputs of labor
Total Product
Average Product Marginal Product
1
15
2
34
3
51
65
74
80
83
8.
82
Requirements:
1. Calculate the marginal and average products.
2. The plot in a graph the marginal products.
3. Explain why marginal product first rise, then decline and ultimately becomes
negative.
Transcribed Image Text:Inputs of labor Total Product Average Product Marginal Product 1 15 2 34 3 51 65 74 80 83 8. 82 Requirements: 1. Calculate the marginal and average products. 2. The plot in a graph the marginal products. 3. Explain why marginal product first rise, then decline and ultimately becomes negative.
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