Question 2 Labour (Units) Total Product (TPP) Average Product (APP) Marginal Product (MPP) 1 100 250 3 350 4 400 420 420 Answer the following questions based on the table above: А. Calculate the Marginal Product and the average product. В. Explain the law of diminishing returns. С. Plot the marginal product and average product curves and explain the relationship between the two. What is the optimal number of workers for this business to hire? Label it on your graph in (С). D.

Question 2 Labour (Units) Total Product (TPP) Average Product (APP) Marginal Product (MPP) 1 100 250 3 350 4 400 420 420 Answer the following questions based on the table above: А. Calculate the Marginal Product and the average product. В. Explain the law of diminishing returns. С. Plot the marginal product and average product curves and explain the relationship between the two. What is the optimal number of workers for this business to hire? Label it on your graph in (С). D.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter7: Economies Of Scale And Scope

Section: Chapter Questions

Problem 7.2IP

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