Labor 2 3 4 5 6 7 8 9 10 11 TP of labor 10 20 38 40 38 34 AP of labor 7 6.8 5 3.4 MP of labor 8 6 2 -6 Fill in the missing values in the table. Based on your answers to (a), draw the total product, average product and marginal product of labor curves. (Please do not use graphing paper) What will happen to the firm’s total product of labor curve if it decides to use more capital. Explain your answer.
Labor 2 3 4 5 6 7 8 9 10 11 TP of labor 10 20 38 40 38 34 AP of labor 7 6.8 5 3.4 MP of labor 8 6 2 -6 Fill in the missing values in the table. Based on your answers to (a), draw the total product, average product and marginal product of labor curves. (Please do not use graphing paper) What will happen to the firm’s total product of labor curve if it decides to use more capital. Explain your answer.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 10SQ
Related questions
Question
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Labor |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
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TP of labor |
10 |
20 |
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38 |
40 |
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38 |
34 |
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AP of labor |
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7 |
6.8 |
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5 |
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3.4 |
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MP of labor |
8 |
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6 |
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2 |
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-6 |
- Fill in the missing values in the table.
- Based on your answers to (a), draw the total product, average product and marginal product of labor curves. (Please do not use graphing paper)
- What will happen to the firm’s total product of labor curve if it decides to use more capital. Explain your answer.
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