Question #41074
A firm produces the following units of output, Q, by hiring a fixed quantity of capital, K, and labour, L, as follows:

L: 8, 16, 24, 32, 40, 48, 56, 64, 72, 80

Q: 16, 36, 65, 97, 137, 177, 209. 233, 249, 257

a. Determine the average and marginal products of labour?

b. Provide rough graphs of the total product, average product and marginal product curves and explain why they behave in the way they do. Be sure to label your axes correctly?
1
Expert's answer
2014-04-07T13:43:52-0400
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