Homework Answers
Answer:
1. Total Product (TP) is the sum of Marginal Product (MP) at each level of labor.
|
Labor |
MP |
TP |
|
0 |
- |
0 |
|
1 |
15 |
15+0 = 15 |
|
2 |
19 |
15+19=34 |
|
3 |
17 |
34+17=51 |
|
4 |
13 |
51+13=64 |
|
5 |
6 |
64+6=70 |
From 3 to 4, TP increases from 51 to 64 implies TP increases by 13 per hour.
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