View the step-by-step solution to:

# Using the information in the following table: a- Complete the last 2 columns by replacing the * with the correct values.

Using the information in the following table:
a- Complete the last 2 columns by replacing the * with the correct values.
b- Draw the following curves in one chart

* 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( units)

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

119

*

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

*

### Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

### -

Educational Resources
• ### -

Study Documents

Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

Browse Documents