What is the relationship between total product, average product and marginal product. draw the graph and explain it. how can you differentiate between short time period and long time period Table Table 16.1: Returns to Labour Units of Labour Total Product (Quintals) Marginal Product (Quintals) Average Product (Quintals) AL 80 80 - 80 170 270 90 83 100 90 368 430 98 62 S0 92 86 80 24 72 63 495 480 -9 SS 10 -15 48
What is the relationship between total product, average product and marginal product. draw the graph and explain it. how can you differentiate between short time period and long time period Table Table 16.1: Returns to Labour Units of Labour Total Product (Quintals) Marginal Product (Quintals) Average Product (Quintals) AL 80 80 - 80 170 270 90 83 100 90 368 430 98 62 S0 92 86 80 24 72 63 495 480 -9 SS 10 -15 48
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 28RQ: What shape of a long-run average cost curve illustrates economies of scale, constant returns to...
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