Q.1. Complete the table and draw the diagrams. Marginal MRPL Revenue MPL Output Elasticity Q APL...

Transcribed Image Text:

Q.1. Complete the table and draw the diagrams. Marginal MRPL Revenue MPL Output Elasticity Q APL Wages 1 100 $500 $10 $500 $500 $500 80 $10 $10 $10 3 60 4 40 20 $500 $10 Q.2. Complete the table. L Q APL MPL Stages of Production 10 2 12.5 3 15 4 15 14 6. 12.5 7 10.7 9. 7 Refer to the data in the above table, answer the following questions. • In the above table, from first labor to the third labor, total product is increasing at an ..rate. • The production stage which starts with average product being maximum and lasts for Marginal product being equal to zero is known as • When both MP and AP increase but product. This situation corresponds to "Law of. In the above table, point of Inflection is at • When the firm employs 4h labor, increases more than average Retum." has reached its maximum and both and ..are equal. • The production stage which starts with origin and lasts till average product is maximum is known as • By employing 5* and 6* labor. of the firm increases at a decreasing rate. As a result both situation represents and .falls. This • By employing and labor, .falls and becomes negative. Q.1. Complete the table and draw the diagrams. Marginal MRPL Revenue MPL Output Elasticity Q APL Wages 1 100 $500 $10 $500 $500 $500 80 $10 $10 $10 3 60 4 40 20 $500 $10 Q.2. Complete the table. L Q APL MPL Stages of Production 10 2 12.5 3 15 4 15 14 6. 12.5 7 10.7 9. 7 Refer to the data in the above table, answer the following questions. • In the above table, from first labor to the third labor, total product is increasing at an ..rate. • The production stage which starts with average product being maximum and lasts for Marginal product being equal to zero is known as • When both MP and AP increase but product. This situation corresponds to "Law of. In the above table, point of Inflection is at • When the firm employs 4h labor, increases more than average Retum." has reached its maximum and both and ..are equal. • The production stage which starts with origin and lasts till average product is maximum is known as • By employing 5* and 6* labor. of the firm increases at a decreasing rate. As a result both situation represents and .falls. This • By employing and labor, .falls and becomes negative.

Answer rating: 100% (QA)

1 To calculate Q Q change in MPL change in L 100 01 0 1001 100 100 80 21 201 20 80 6032 201 20 60404... View the full answer