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Labor Total Marginal Product Average Product Input Product 7.0 2 15 7.5 124 3 24 8.0 4 32 8 8.0 10 5 39 7 7.8 6 45 6. 7.5 50 7.1 1.) Using the 4-point curved line drawing tool, draw the marginal product curve, and label this line MP. 6- 2) Using the d-point curved line drawing tool, draw the average product curve. and label this line 'AP. 2- For your control paints, use 1,3, 4, and 7 units of labor.) Carefully follow the instructions above, and only draw the required objects. Units of Labor MP. AP

Labor Total Marginal Product Average Product Input Product 7.0 2 15 7.5 124 3 24 8.0 4 32 8 8.0 10 5 39 7 7.8 6 45 6. 7.5 50 7.1 1.) Using the 4-point curved line drawing tool, draw the marginal product curve, and label this line MP. 6- 2) Using the d-point curved line drawing tool, draw the average product curve. and label this line 'AP. 2- For your control paints, use 1,3, 4, and 7 units of labor.) Carefully follow the instructions above, and only draw the required objects. Units of Labor MP. AP

Economics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter26: Earnings, Productivity, And The Job Market
Section: Chapter Questions
Problem 10CQ
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Labor Input Product Total Marginal Product Average Product 14- 7 7.0 15 8 7.5 12- 3 24 9 8.0 4. 32 8 8.0 10- 39 7 7.8 6 45 7.5 50 5 7.1 8- 1.) Using the 4-point curved line drawing tool, draw the marginal product curve, and label this line 'MP 2.) Using the 4-point curved line drawing tool, draw the average product curve, and label this line 'AP'. 2- (For your control points, use 1,3, 4, and 7 units of labor.) Carefully follow the instructions above, and only draw the required objects. 0- 10 Units of Labor MP, AP
Transcribed Image Text:Labor Input Product Total Marginal Product Average Product 14- 7 7.0 15 8 7.5 12- 3 24 9 8.0 4. 32 8 8.0 10- 39 7 7.8 6 45 7.5 50 5 7.1 8- 1.) Using the 4-point curved line drawing tool, draw the marginal product curve, and label this line 'MP 2.) Using the 4-point curved line drawing tool, draw the average product curve, and label this line 'AP'. 2- (For your control points, use 1,3, 4, and 7 units of labor.) Carefully follow the instructions above, and only draw the required objects. 0- 10 Units of Labor MP, AP
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