Refer to the figure at right. At which point on the total product curve is the average product of labor the highest? A. Point A B. Point B C. Point C D. Point D E. None of the above
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- Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two related? Why is MC called the mirror image of MPP? Explain. Answer must correct.Describe it step by step. Don,t copy from anywhere.Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two related? Why is MC called the mirror image of MPP? Explain.give graph if neededDefine marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two related? Why is MC called the mirror image of MPP? Explain. Answer must correct. Describe it step by step. Don,t copy from anywhere. Use word file for answer. Use graph. word limit minimum 350 .
- Each extra worker produces an extra unit of output up to 6 workers. After 6, no additional output is produced. Draw the total product of labor, average product of labor, and marginal product of labor curves in a graph. Using the multipoint curve drawing tool, graph the total product of labor curve. Label this 'TP.' Carefully follow the instructions above, and only draw the required object. 8- 7.5- 7- 6.5- 6- 5.5- 5- 4.5- 4. 3.5- 3- 2.5- 2- 1.5- 1- 0.5- Labor 10 After plotting the final point of your multipoint curve, press the Esc key on your keyboard to end the line.Output per month Figure 6.1 A B C D E Labor per month Refer to Figure 6.1. At which point on the total product curve is the average product of labor the highest?Use the data below to calculate MP and AP. On a separate piece of paper, graph the total product curve and both the marginal product and the average product curves. This will be two graphs. Labor Output of Widgets 1 10 2 26 51 4 80 5 100 108 7 112 6.
- Each extra worker produces an extra unit of output up to 6 workers. After 6, no additional output is produced. Draw the total product of labor, average product of labor, and marginal product of labor curves in a graph. Using the multipoint curve drawing tool, graph the total product of labor curve. Label this 'TP.' Carefully follow the instructions above, and only draw the required object. Then, in the graph in the bottom right: 1.) Using the multipoint curve drawing tool, graph the marginal product of labor curve. Label this 'MP.' 2.) Using both the line drawing tool and the three-point curved line drawing tool each once, graph the average product of labor curve. Label the line segment 'AP₁' and the curved segment 'AP2.' Carefully follow the instructions above, and only draw the required objects. After plotting the final point of your multipoint curve, press the Esc key on your keyboard to end the line. Output per worker 1.2- 1.1- 1- 0.9- 0.8+ 0.7- 0.6- 0.5- 0.4- 0.3- 0.2- 0.1- 0+ 0 2…Consider this production function. Select one or more: a. The average product of labour is falling as hours of study increase. b. The marginal product of labour is constant as hours of study increase. c. The marginal product of labour is rising as hours of study increase. d. The marginal product of labour is zero beyond 15 hours.When a firm experiences diminishing marginal product, what is the shape of the curve that represents the value of the marginal product of labor? Select one: a. upward sloping b. downward sloping c. vertical d. U-shaped
- The average product of labor depends on how many units of Select one: a. labor are used. b. labor and capital are used. c. None of the statements is correct. d. capital are used.The table shows total production of a firm. If units of labour (L) increase, find below. Units of Labour Total Product (TP) Marginal Product (MP) Average Product (AP) 0 0 1 80 2 200 3 330 4 400 5 450 6 480 7 490 8 480 Compute the marginal product of labour (MP) and the average product (AP) of the various quantities of labour and enter them into table. There are increasing return to labour from the first through the ---------------- units of labor and decreasing return from the --------------through eighth units. When total production is increasing, marginal product is (positive, negative) --------------- and when total production is decreasing, marginal product is ----------------Given the following production function, complete the missing values. Labour Quantity of chicken per Average Product Marginal Product week 10 XXX 1 100 100 100 300 150 450 4 140 110 680 126 110