With the addition of the fourth unit of output, the marginal product is A 10 and the average product is 42B 74 and the average product is 10.5C 10 and the average product is 10.5D 10.5 and the average product is 10 The question is based on the following table,which provides information on the productionof a product that requires one variable input.InputTotal Product15220332442550557588589.56

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Answered: With the addition of the fourth unit of…

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

Chapter3: Benefits, Costs, And Decisions

Section: Chapter Questions

Problem 3.7IP

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With the addition of the fourth unit of output, the marginal product is A 10 and the average product is 42 B 74 and the average product is 10.5 C 10 and the average product is 10.5 D 10.5 and the average product is 10

The question is based on the following table,
which provides information on the production
of a product that requires one variable input.
Input
Total Product
1
5
2
20
3
32
4
42
5
50
55
7
58
8
58
9.
56

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