Question: With the following information on variable input and production, answer the questions and prepare the graphs that are requested: Labor (variable input) per week Production

With the following information on variable input and production, answer the questions and prepare the graphs that are requested: Labor (variable input) per week Production per week average product marginal product 1 1 2 3 3 6 4 10 5 fifteen 6 twenty-one 7 26 8 30 9 33 10 35 eleven 33 Build the total product curve (graph #1). Calculate the average product and the marginal product. Plot the average product curve and the marginal product curve on a separate graph from no. 1. (graphic #2) Identify the three stages of production according to the Law of Diminishing Returns in the table and in graphs #1 and graph #2. Describe the relationship between average product and marginal product at production levels less than 30 packages per week. Describe the relationship between average product and marginal product at production levels greater than 30 packages per week. Sketch the total product curve.

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 General Management Questions!