Question

" Total, average, and marginal product Underground Sandwiches, a sandwich shop, has the following marginal product curve (labeled MP) for its daily production.

In the previous table, fil in the Aver"

Answer 1

The question is about total, average, and marginal product in economics.

Step-by-step explanation:

The subject of the question is economics. The question mentions the terms total, average, and marginal product. These terms are related to production and are used to analyze the behavior of firms.

Total product refers to the total output produced by a firm with a specific number of workers. Average product is the total product divided by the number of workers. Marginal product is the change in total product when one more worker is added.

For example, in the given table, the marginal product of the first worker is 4 trees per day, and the marginal product of the second worker is 6 trees per day. This implies that the second worker is more productive than the first worker. As more workers are added, the marginal product may increase initially, but eventually, it will decrease due to diminishing marginal returns.