Question

This graphing activity will reinforce your understanding of how marginal, average, and total product are graphed and how fixed, variable, marginal, average, and total costs are graphed.

Using the Google Draw tool, create 2 graphs.

1. Product Functions: Graph Marginal, and Total Product Functions. (I deleted the average product).
2. Cost Functions: Graph Average Fixed, Average Variable, Marginal Cost, and Average Total Cost Functions

Make sure to label each function and axis appropriately on each graph.

Download drawings as PDFs and submit below.

Drawn the graph

Answer 1

Total Production function & Masginal Productim graph TP=max TP Total & Marginal Product MP-max -- MP-o units of variable factor MP rate that max and TP first res at Ping rate than at thing after starts falling. MP first tes becomes max, than des becom zero and -ve. When TP=max MP=0 TP bes, MP becomes ave. TP Tes at ring rate, MP pes.

copt function MC AC Ave Average fixed Cast/, ATC Ave & Mo AFC 0 unita of output ① Average fixed cost (AFC) keeps on never touches either axes. Soing but ② AC and Ave first toes, becomes minimum than a es. AC lies above AVC because AC2 AFCTAVC ACT AVC of AUC. O AC becomes minimum after minimum. ③ MC first vees becomes min than tes. 0 MC=AC and ANC= MC when AC and AVC are minimum.