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QUESTION 2 The table below shows the total production of a firm as the quantity of...

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QUESTION 2 The table below shows the total production of a firm as the quantity of labor employed increases. The quantities o

QUESTION 2 The table below shows the total production of a firm as the quantity of labor employed increases. The quantities of all other resources employed remain constant. Units of labor Total production Marginal product of labor (MP) Average product of labor (AP) 80 200 400 450 480 490 480 a. Compute the marginal products of the first through the eighth units of labor and enter them in the table. b. Now compute the average products of the various quantities of labor and enter them in the table. C. There are increasing returns to labor from the first through the units of labor and decreasing returns from the through the eighth units. d. When total production is increasing, marginal product is (positive, negative) and when total

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MP labor Total prod. o 80 8080 – 200 a 330 ~ 400 J 450 480 490 480 1 (c) (d) third, fourth positive

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