Question: Problem 2 - Total, marginal, and average product The following table summarizes the short-run relationship between a firm's total labour input and its total output.

Problem 2 - Total, marginal, and average product

The following table summarizes the short-run relationship between a firm's total labour input and its total output. SHOW YOURWORK.

Labour Input

Total Product

Marginal Product

Average Product

0

0

---

1

26

2

66

3

96

4

116

5

129

6

139

7

138

8

129

Fill in the columns labeled "Marginal Product" and "Average Product."

Over what range of labour input does the firm experience increasing marginal returns? Diminishing marginal returns? Negative marginal returns?

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