Answer to Question #152576 in Economics for Nadia

Question

Complete the following table, where X is the input for the product of output Q.
X TPX (=Q) MPX APX
0 0
1 3
2 6
3 16
4 29
5 43
6 55
7 58
8 60
9 59
10 56
(3 marks)
ii. Plot the (i) total product, (ii) marginal product, and (iii) average product functions. (Note:
Some relationships on the following graph may not appear exactly correct because the graph
plots discrete, not continuous values. With smaller discrete intervals these problems
disappear. You may want to try this.)
(3 marks)
iii. Determine the boundaries of the three stages of production.
(2 marks)
iv. Explain the law of diminishing marginal returns. Based on the answers above, show the
occurrence of the law of diminishing marginal returns.

Answer 1

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