1. Complete the Table:Capital (K)1111111Labor (L) Total Product(TP)10123456789102237?5864?6764?Average Product(AP)10?12.3312.25?10.679.578.38?5.8Marginal Product(MP)1012?129?3?-3-6

MPL (Marginal product of labor) : It is the change in the total product due to the addition of 1…

1. Complete the Table: Capital (K) Labor (L) Total Product Average Product Marginal Product (TP) 10 1 1 1 1 1 1 1 1 1 1 2 3 4 5 6 7 8 9 10 22 37 ? 58 64 ? 67 64 ? (AP) 10 ? 12.33 12.25 ? 10.67 9.57 8.38 ? 5.8 (MP) 10 12 ? 12 9 ? ? -3 -6

1. Complete the Table: Capital (K) Labor (L) Total Product Average Product Marginal Product (TP) 10 1 1 1 1 1 1 1 1 1 1 2 3 4 5 6 7 8 9 10 22 37 ? 58 64 ? 67 64 ? (AP) 10 ? 12.33 12.25 ? 10.67 9.57 8.38 ? 5.8 (MP) 10 12 ? 12 9 ? ? -3 -6

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1. Complete the Table:
Capital (K)
1
1
1
1
1
1
1
Labor (L) Total Product
(TP)
10
1
2
3
4
5
6
7
8
9
10
22
37
?
58
64
?
67
64
?
Average Product
(AP)
10
?
12.33
12.25
?
10.67
9.57
8.38
?
5.8
Marginal Product
(MP)
10
12
?
12
9
?
3
?
-3
-6

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