Shape of Total Product, Marginal Product and Average Product

Related BrainMass Solutions

• total, average, and marginal product curves

  Please graph both the total , average, and marginal product curves over the ranges of Q provided. Explain the shape of the curves and how the marginal curve is related to the total curve.

• Production Exercise

  How does the law of diminishing marginal productivity affect the shape of short-run cost curves? 6. Where does the marginal cost curve intersect the average total cost and average variable cost curves?

• maximum output

  The shape of the three graphs: total product, marginal product, and average product does not change, but what changes is that all of graphs move up on the output axis (the vertical axis).

• Law of diminishing marginal product

  to L=4 Marginal Product=SMC*labor cost=1*15=15 Total Product=51+15=66 Average Product=Q/L=66/4=16.5 AVC=labor cost/AP=15/16.5=0.91 Refer to L=5 Average Product=AVC*1=15 Total Product=labor*AP cost=5*15

• Product functions - Total, average & marginal product

  Calculate total product, average product, and marginal product.

• Production Cost Analysis: Calculating MC, AVC, ATC and Output of the Firm

  The average product of labor is 30, the last worker added 12 units to total output, and total fixed cost is $3,600. a) What is marginal cost? b) What is average variable cost? c) How much output is being produced?

• Production curve

  Table showing the Average and Marginal product of labor for a hypothetical firm (see attached file) 2.

• total output

  The average product of the first three hours of labor is = Total product/ number of labor hours = 240/3 = 80 The marginal product of the thrid hour of labor is (total product with 3 hours of labor - total product with 2 hours of labor) = 240 - 180

• Finding Marginal and Average Product of labor

  210310 Finding Marginal and Average Product of labor Fill in the blanks in table given below.