Problem
Complete the following table by calculating marginal product and average product from the data given.
Instructions: Include a negative sign where necessary. Only include up to 2 decimal places; do not include 0 after the decimal place.
|
Labor
Input (Q)
|
Total
Product
|
Marginal
Product
|
Average
Product
|
|
0
|
0
|
--
|
--
|
|
1
|
15
|
|
|
|
2
|
34
|
|
|
|
3
|
51
|
|
|
|
4
|
64
|
|
|
|
5
|
75
|
|
|
|
6
|
84
|
|
|
|
7
|
91
|
|
|
|
8
|
96
|
|
|
The total product curve is shown on the left. Plot the marginal product and average product curves from the data in the table above.
Instructions:
1. On the diagram on the right, use the tools provided to draw the Average Product (AP) and Marginal Product (MP) curves. Locate the AP values to the nearest whole number.
2. To earn full credit for this graph, you must plot all required points (L = 1, 2, 3, 4, 5, 6, 7, and 8) for each curve.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.