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Complete the table (Table 1) below, then draw the following curves: Short-run average product (AP) curve; Short-run marginal product (MP) curve....

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Complete the table (Table 1) below, then draw the following curves: Short-run average product (AP) curve; Short-run marginal product (MP) curve. Table showing the Average and Marginal product of labour for a hypothetical firm Amount of labour( unit s) Amount of capital(No. of machines) Output of parts(Q, hundreds of parts) Average product (Q/L) Marginal product(∆Q/∆L) 0 5 0 - - 1 5 49 49 49 2 5 132 66 83 3 5 243 81 ** 4 5 376 94 133 5 5 525 ** 149 6 5 684 114 159 6.666 5 792.59 120.09 *** 7 5 847 **** 163 8 5 1008 126 161 9 5 1161 **** *** 10 5 1300 130 139 11 5 1419 *** 119 12 5 1512 126 93 13 5 1573 121 **** 14 5 1596 **** 23 15 5 1575 105 ****** Use the information from the completed table and the graphs to identify the three stages of production and explain why the firm’s short run production has only one ‘rational’ stage of production.S
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Complete the table.docx

Complete the table (Table 1) below, then draw the following curves:
• Short-run average product (AP) curve;
• Short-run marginal product (MP) curve.
Table showing the Average and Marginal...

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