Answer to Question #185462 in Microeconomics for ken

Question

Fill in the blanks in the following table using the values given in some of the cells. The table shows labour inputs (Lb) and outputs (Y) for a firm. Suppose that just one input, Labour, is changing and that we are holding capital fixed. (Hint: To compute total output when labour input (Lb) = 2, note that APP=200. Hence, total output (Y) = Lb * APP = 400; now, knowing that total output increased from 150 to 400 when labour input increased from 1 to 2, you can compute the MPP between 1 and 2 = 400 - 150 = 250 …. and so on). Quantity of Labour Input (Lb) Total output (Y) Marginal Physical Product (MPP) Average Physical Product (APP) 0 0 - 1 150 2 200 200 3 4 760 150 5 6 150 

Answer 1

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