Toll free: 1- 877- 252 - 7763 | Fax: 1- 425- 458- 9358
HomeSolution LibraryEconomicsMicroeconomics › Solution ID 6053

This solution has not been downloaded by you.

Download now to rate and review the solution!

The relation between Total product, marginal product and average product.

Views (11019)

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

Reviews & Ratings

You can help other students Rate this Solution!
Be the first to review this solution!
$ 3.99 Original Price: $ 6.99 Solution document is in Pdf format

Buy Now
cant find what your looking for