Trusted by Students Everywhere
Why Choose Us?
0% AI Guarantee
Human-written only.
24/7 Support
Anytime, anywhere.
Plagiarism Free
100% Original.
Expert Tutors
Masters & PhDs.
100% Confidential
Your privacy matters.
On-Time Delivery
Never miss a deadline.
Complete the table below by calculating the marginal product and average product
Complete the table below by calculating the marginal product and average product.
| Inputs of labor | Total Product | Marginal Product | Average Product |
|---|---|---|---|
| 0 | 0 | - | - |
| 1 | 15 | ||
| 2 | 34 | ||
| 3 | 51 | ||
| 4 | 65 | ||
| 5 | 74 | ||
| 6 | 80 | ||
| 7 | 83 | ||
| 8 | 82 |
Expert Solution
| Inputs of labor | Total Product | Marginal Product | Average Product |
|---|---|---|---|
| 0 | 0 | - | - |
| 1 | 15 | 15 | 15 |
| 2 | 34 | 19 | 17 |
| 3 | 51 | 17 | 17 |
| 4 | 65 | 14 | 16.25 |
| 5 | 74 | 9 | 14.8 |
| 6 | 80 | 6 | 13.33 |
| 7 | 83 | 3 | 11.86 |
| 8 | 82 | -1 | 10.25 |
To fill in marginal product and average product you use the following method:
- Marginal product is the change in total product from the previous level on input to the current one. For example, in the row where inputs of labor are 5, total product was 74 while it was 65 in the previous row. This means marginal product is 74-65=9.
- Average product is total product over inputs of labor. Again, for the row where inputs of labor are 5, total product is 74. Thus, average product is 74/5=14.8.
Archived Solution
Unlocked Solution
You have full access to this solution. To save a copy with all formatting and attachments, use the button below.
Already a member? Sign In
Important Note:
This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.
For ready-to-submit work, please order a fresh solution below.
For ready-to-submit work, please order a fresh solution below.
Or get 100% fresh solution
Get Custom Quote
