This solution has not been downloaded by you.

Download now to rate and review the solution!Views (11465)

I have completed the table by calculating marginal product and average product from the data given. I need help with the graphs and the other stuff below. Can you please help. Please show graphs and explain so I can understand.

Plot total, marginal, and average product and explain in detail the relationship between each pair of curves.

Explain why marginal product first rises, then declines, and ultimately becomes negative.

What bearing does the law of diminishing returns have on short-run costs? Be specific.

"When marginal product is rising, marginal cost is falling. And when marginal product is diminishing, marginal cost is rising." Illustrate and explain graphically.

Inputs labor |
Total Product |
Marginal Product |
Average Product |

0 |
0 |
||

1 |
15 |
15 |
15 |

2 |
34 |
19 |
17 |

3 |
51 |
17 |
17 |

4 |
65 |
14 |
16.25 |

5 |
74 |
9 |
14.8 |

6 |
80 |
6 |
13.33 |

7 |
83 |
3 |
11.86 |

8 |
82 |
-1 |
10.25 |

Be the first to review this solution!