Using the table below, answer the following questions. a. Complete the table, filling in the...
Question:
Using the table below, answer the following questions.
a. Complete the table, filling in the answers for marginal and average products.
b. Over how many workers is the firm enjoying increasing returns?
c. At what number of workers do diminishing returns set in?
d. Are negative returns shown in the table?
| Labor | Output | Marginal Product | Average Product |
| 0 | 0 | ||
| 1 | 7 | ||
| 2 | 15 | ||
| 3 | 25 | ||
| 4 | 33 | ||
| 5 | 40 | ||
| 6 | 45 |
Marginal Product of Labor:
The factors of production are land, labor, capital, and entrepreneurship. The marginal product of any of those inputs is the change in output that results from a one-unit change in the input.
Answer and Explanation: 1
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View this answera. Complete the table, filling in the answers for marginal and average products.
| Labor | Output | Marginal Product | Average Product |
|---|---|---|---|
| 0 | 0 | - | - |
| 1 | 7 | 7 | 7 |
| 2 | 15 | 8 | 7.... |
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Marginal Product of Labor: Definition, Formula & Example
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Chapter 3 / Lesson 49
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Understand the meaning of marginal product of labor. Learn the marginal product of labor (MPL) formula, its significance, and how to calculate MPL with examples.
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