Question: The following table shows data for a simple production function. a. From the information in the table, calculate total and average products. b. Graph the

The following table shows data for a simple production function.

Total Product (TP) Average Product (AP) Marginal Product (MP) Capital (K) Labor

a. From the information in the table, calculate total and average products.

b. Graph the three functions (put total product on one graph and marginal and average products on another).

c. For what range of output does this function have diminishing marginal returns?

d. At what output is average product maximized?

Total Product (TP) Average Product (AP) Marginal Product (MP) Capital (K) Labor (L) 25 75 120 83 54 35 10 2 10 10 10 10 10 10 10 4 10 4 10

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