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Assignment 1 Using the information in the following table: a- Complete the last 2 columns by replacing the * with the correct values.

Assignment 1
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
  6.6 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 *

Top Answer

Dear Student, Please check the attached solutions of... View the full answer

a.doc

a.
L K Q 0
1
2
3
4
5
6
6.6
7
8
9
10
11
12
13
14
15 5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5 Apl
0
49
132
243
376
525
684
792
847
1008
1161
1300
1419
1512
1573
1596
1575 MPl 49
66
81
94
105
114
120.0
121...

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