The total product curve shows the relationship between total product a A) the marginal product. B) the average product. C) the quantity of capital. D) the quantity of labor.
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- Marginal product is: a. the change in total product divided by the change in the quantity of labor. b. total product divided by the quantity of labor. c. always positive. d. unrelated to total product.What is the difference between total and marginal product? Total product is the output produced; marginal product is the change in total output with respect to the change in one unit of output. Total product is only related to revenue while marginal product is only related to cost. They are the same; there is no difference. Total product is the change in total output with respect to the change in one unit of output; marginal product is the output produced.With the aid of diagrams,explain the stages of production,outlining the relationship between total product and marginal product of labour.
- Explain production function by describing Total (TP), Average (AP) and Marginal Product (MP). Use the graphic illustration to clarify descriptions.If a firm experiences diminishing productivity of labor, the marginal product Question 31Select one: a. increases as total product decreases. b. decreases as total product increases. c. decreases as total product decreases. d. increases as total product increases.Graph Total Product, Average Product and Marginal Product curves from the table given
- Show and explain the relationship between total product, average product and marginal product.Fill in the missing values for a, b and c. Units of labour N Total product (TP) Average product (AP) Marginal product (MP) 1 8 2 18 a. Answer 3 b. Answer 8 4 c. Answer 4Given the number of labor and the total product in the following table, 1- find the average product (APL) and marginal product (MPL) of labor. 2- Draw Total product (TP), average product (AP) and marginal product (MP) of labor curves
- Total factor productivity refers to: a. total production in the economy b. all factors of production c. total production in the economy due to the primary factors of production d. factors of production other than the primary factorsLabor productivity is the term used forSelect one:a. None of the answers are correctb. Total Productc. All the answers are correctd. Marginal Producte. Average ProductAn increase in productivity of a variable input will do which of the following at the current level of resources? A. Change marginal product B. Change average product C. Change total product D. Change marginal, average, and total product