Assignment:
Using the information in the following table:
1) Complete the last 2 columns by replacing the * with the correct values.
2) Draw the following curves in one chart
• Short-run average product (AP) curve;
• Short-run marginal product (MP) curve.
Table showing the Average and Marginal product of labour for a hypothetical firm
|
Amount of labour( units)
|
Amount of capital(No. of machines)
|
Output of parts(Q, hundreds of parts)
|
Average product (Q/L)
|
Marginal product(?Q/?L)
|
|
0
|
5
|
0
|
-
|
-
|
|
1
|
5
|
49
|
49
|
49
|
|
2
|
5
|
132
|
66
|
83
|
|
3
|
5
|
243
|
81
|
*
|
|
4
|
5
|
376
|
94
|
133
|
|
5
|
5
|
525
|
*
|
149
|
|
6
|
5
|
684
|
114
|
159
|
|
6.6
|
5
|
792.59
|
120.09
|
*
|
|
7
|
5
|
847
|
*
|
163
|
|
8
|
5
|
1008
|
126
|
161
|
|
9
|
5
|
1161
|
*
|
*
|
|
10
|
5
|
1300
|
130
|
139
|
|
11
|
5
|
1419
|
*
|
119
|
|
12
|
5
|
1512
|
126
|
93
|
|
13
|
5
|
1573
|
121
|
*
|
|
14
|
5
|
1596
|
*
|
23
|
|
15
|
5
|
1575
|
105
|
*
|