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Identify the stages of production in the diagram

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Reference no: EM133132691

A firm produces good Y with just 2 factors: Capital which is fixed in supply and labour which is variable. 

Labour (units)

1

2

3

4

5

6

7

8

9

Total Product (TP) in Units

8

15

24

30

35

37

38

38

36

Average Product (AP) in units

 

 

 

 

 

 

 

 

 

Marginal Product

(MP) in units

 

 

 

 

 

 

 

 

 
  1. Fill in the values of AP and MP.
  2. Sketch TP, AP and MP in one diagram.
  3. Identify the stages of production in the diagram.
  4. Explain why the firm still hire labour even though it is in the range of diminishing returns?.
  5. What is the number of workers after which diminishing  marginal returns starts?.
  6. Is this a short run or long run phenomenon?

Reference no: EM133132691

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