Fill This Form To Receive Instant Help
Homework answers / question archive / The following curve is the total product curve when capital is fixed at K
The following curve is the total product curve when capital is fixed at K. The upward-sloping straight line starting from the origin is tangent to the total product curve when labor level is equal to L2. From the graph we know that for the corresponding capital level K, Output (K fixed) labor L1 L2 L3 APLMPLat L3 APL=MPL at L1 O APL>MPL at L2 AP >MPL at L1
Already member? Sign In