xplain the relationship between total product, marginal product, and average product. How does the different combination of TP, MP and AP helps in knowing decreasing, constant and increasing marginal products? Draw suitable diagrams

Q: What is the difference between average product of labor and marginal product of labor? (b) Explain…

A: Average Product of Labor is calculated by dividing the total output produced by the firm with the…

Q: Calculate average product and marginal product for the information provided in the table. Input of…

A:

Q: • Marginal Product (from the GRE Economics Test) Which of the following statements about average…

A: Answer - Need to find- Evaluation of statements marginal and average products  Evaluating the…

Q: Which of the following is not possible? When the total product is decreasing, marginal product is…

A: Total product is the summation of the all product produce with the help of factors of production.…

Q: With the addition of the fourth unit of output, the marginal product is A 10 and the average product…

A: Answer to the question is as follows:

Q: When total product is increasing at an increasing rate, marginal product is:  positive and…

A: Production is the process of creating finished goods and services using the available raw materials…

Q: Which of the following is correct about marginal and average products? A) When the average product…

A: Marginal product refers to addition in total output and when more unit of variable input is used in…

Q: Explain why the short run production curve is a “s” shape curve. Answer in detail including graph…

A: The production function would result in the output or the total output which can be produced given…

Q: (6) If marginal product is greater than average product (a) total product must be increasing.…

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: Explain the Law diminishing return. Calculate the Marginal Product and Average product in the given…

A: Total product refers to the output amount that can be produced by a given amount of variable factor,…

Q: 11. In any production process, the marginal product of labor equals A. the value of total output…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: Labor Input Product Total Marginal Product Average Product 147 1 7.0 15 7.5 8.0 12- 3 24 4 32 8 8.0…

A: Note: since you have already done the first two parts I am solving the third part. Answer:…

Q: Make a graph that show the relationship between labor (horizontal axis) and total product, average…

A: [3]

Q: Q1) From the table below illustrate the data in the table by graph:       Table 1. Find ; TP, MPL…

A: Labor  Total Product (TPL) Marginal Product (MPL) Average Product (APL) 0 0 - - 1 15 15 15 2…

Q: 2. Show that the two-input CES production function used in this lecture has DRS, CRS or IRS…

A: Constant returns to scale means as we imposed input by double amount then the output increases by…

Q: Complete the following table by calculating marginal product and average product.       Plot the…

A: INPUTS OF LABOR TOTAL PRODUCT MARGINAL PRODUCT AVERAGE PRODUCT 0 0 0 - 1 15…

Q: If increasing quantities of a variable factor are applied to a given quantity of fixed factors, then…

A: ANSWER STRP-1 ANS :-.    ( E ) The marginal product and the average product of the variable factor…

Q: 1. Relation of A and T curves *3* As the level of production increases in the short-run, the Average…

A: As total fixed cost remains constant, the average fixed cost which is  TFC/Q keeps on decreasing…

Q: Example # 4 Determine the multifactor productivity for the combined input of the labor and the…

A: Multifactor productivity (MFP) can be calculated by using the following formula.

Q: #3 #2 Variable input # 1 In this diagram, curves 1, 2, and 3 represent the: Product

A: From the above diagram we can say that, Number 1 is Marginal product since it can be negative.…

Q: Compute the marginal product of labour (MP) and the average product (AP) of the various quantities…

A: Marginal product(MP) of labor(L) is the increment in the total product(TP) for a unit increase in…

Q: onsider a short run production function q = cL+K where the value for c =: sing L units of labour and…

A: Returns to scale measures the proportionate change in output if all inputs are changed by the same…

Q: Complete the following table by calculating marginal product and average product from the data…

A: The production function shows the relationships between output that are produced and the inputs that…

Q: relationship between total product, marginal product, and average product

A: Total product(TP) is the cumulative quantity of output(Q) that is produced by a firm. Average…

Q: 2. (a) If a production function exhibits decreasing returns to scale and the quantity of all inputs…

A: Decreasing returns to scale (DRS) holds when a proportional increase in all inputs ends up in a rise…

Q: 12.Consider the production function Y= AKCL1-a, where A is a constant, L is labour, Kis capital and…

A: A production function illustrates the relationship between the inputs used and the output produced…

Q: 11) When the total product curve is falling, the: (a) marginal product of labor is zero.…

A: Total product is the aggregate quantity of output produced by employing given inputs. Marginal…

Q: Q2. Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these…

A: Marginal Cost(MC) is defined as an addition to total variable cost(TVC) when 1 extra unit of output…

Q: (b) Marginal product 3 Marginal product 10 Workers per day Refer to Exhibit 7.1, which shows the…

A: Marginal product shows the change in total product due to change in input by an unit. Relationship…

Q: Which of the following statements is true? * If average product equals marginal product, average…

A: Average product is regarded as per unit product of variable factor, for example, labor. When the…

Q: Compute the marginal product of labour (MP) from first to eighth units of labour. Now compute the…

A: Marginal product of labor is the change in output from employing an additional unit of labor.…

Q: Give relation between average product and marginal product.

A: Average Product is the total product per unit of output. Average Product =Total ProductOutput…

Q: 16. As more and more of the factor of production is used The total product curve rises rapidly at…

A: The output generated by all employed workers is referred to as total product.

Q: As the level of production increases in the short-run, the Average Variable Cost (AVC) curve…

A: In a market, a firm faces different cost curves in the short-run and in the long-run because there…

Q: 72. The resulting increase in the total output as X and Y inputs increase per unit at a time is…

A: The production function refers to functional relationship between the factors of production (or…

Q: A firm hires two workers and rents 15 acres of land for a season.It produces 150000 bushels of…

A: Here, it is given that, Initial production: 150000 bushels of crop Final production after doubling…

Q: Complete the following table: Marginal Quantity Of Average Product of Product of Variable Total…

A: Output =Output of last input + MP of this input Output (2)=50+30=80 and so on Or Output =AP* Number…

Q: Labour (Units) Total Product (TPP) (MPP) 0 0 1 100 2 250 3 350 4 400 5 420 6 420 Calculate the…

A: Answer: Formulas to be used: Average product=Total productLaborMarginal productN+1=Total…

Q: Give relation between total product and marginal product.

A: A production function shows the relationship between the output and input used to generate that…

Q: Fill in the gaps in the table below. (Enter your responses rounded to two decimal places.) Quantity…

A: The average product of variable input is the ratio of total output product with respect to the total…

Q: The diminishing marginal product implies that the total product is decreasing at an increasing rate

A: Here we can find that the TP first increases in an high rate after which it increases but at a slow…

Q: From the table below illustrate the data in the table by graph          Table 1. Find ; TP, MPL and…

A: MPL (marginal product of labor) is the changes in total product divided by change in quantity of…