Question: 7. With the table below, answer the questions which follow. Labor Total Output 0 0 1 1,500 2 3,400 3 5,100 4 6,500 5 7,400

7. With the table below, answer the questions which follow.

Labor Total Output

0 0

1 1,500

2 3,400

3 5,100

4 6,500

5 7,400

6 8,000

7 8,300

8 8,300

9 8,200

a. Diminishing returns begins with which unit of labor?

b. What is the marginal product of the fourth unit of labor?

c. What is the average product of the sixth unit of labor?

d. Marginal product becomes negative with which unit of labor?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!