Questions:
Production curve
Please help with the following problem. See the complete description of the problem in the attached document.
1) Complete the table below
2) Use Excel to draw the total product (TP) curve.
3) Use Excel to draw the average product (AP) and marginal product (MP) curves in the same space
Table showing the Average and Marginal product of labor 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
|
|
6.666
|
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
|
******
|
4) Use the information from the completed table and the graphs to identify the three stages of production
5) Explain why the firm's short run production has only one 'rational' stage of production