The following table provides partial information on total product, average product
The following table provides partial information on total product, average product, and marginal product for a production function. Using the relationship between these products, fill in the missing cells. (30 points)
Homework Answers
Ans:
Marginal Product is the additional output resulting from employing one additional unit of labor.
1) Average product = Total product / Units of labor
2) Total product for 2 units of labor = Total product for first unit of labor + Marginal product for secound unit of labor.
= 180 + 140
= 320
3) Marginal product for 3rd unit of labor = Total product for 3 units of labor - Total product for 2 units of labor.
= 420 - 320
= 100
4) Total product for 4 units of labor = Average product * Units of labor
= 120 * 4
= 480
Table
| Labor | Total Product | Average product | Marginal product |
| 0 | 0 | 0 | 0 |
| 1 | 180 | 180 | 180 |
| 2 | 320 | 160 | 160 |
| 3 | 420 | 140 | 100 |
| 4 | 480 | 120 | 60 |
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The following table provides partial information on total product, average product
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