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The table assumed that there is one fixed factor.
Units of Labor
Total Product
Average Product
Marginal Product
1
20
2
50
25
30
3
90
40
4
120
5
140
28
6
150
10
7
21.3
0
8
17.3
-0
Use a bracket to identify what is being asked in the following.
1. Determine the first stage of production.
2. Determine at what point AP and MP intersect.
3. Determine the second stage of production.
4. Determine the third stage of production.
This document contains various important questions and their appropriate answers in the subject field of Economics.
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