Question

Labor Input Total Product Marginal Product Average Product 1 8 8 8.0 2 17 9 8.5 3 27 10 9.0 4 36 9 9.0 5 44 8 8.8 6 51 7 8.5 7 57 6 8.1 ​1.) Using the​ 4-point curved line drawing tool​, draw the marginal product​ curve, and label this line​ 'MP'. ​2.) Using the​ 4-point curved line drawing tool​, draw the average product​ curve, and label this line​ 'AP'. ​(For your control​ points, use​ 1,3, 4, and 7 units of​ labor.) Carefully follow the instructions​ above, and only draw the required objects.   The marginal cost curve will intersect the average variable cost curve at its minimum maximum ​point, which occurs when total product equals nothing units.

Answer 1

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Step-by-step explanation:

Labor Input is an indicator the pointer characterizing the labor expressed expenditure in man-hours on a production of a particular consumer value or on a technical operation.

Total product is the total amount of output that a firm produces; it is usually stipulated in relation to a variable input.

Marginal Product is the physical efficiency or productive ability of an input in the change in output which results from employing one more unit of a particular input, presumptuous that the amounts of other inputs are kept constant.

Average Product is the amount of the overall output that was being produced per unit of a variable input, holding all other inputs at a constant rate.

The graphical solution to the question above can be seen in the attached image below.