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Complete the Following Table: - Economics

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Complete the following table:

Units of Labour

Average Product

(Units)

Marginal Product

(Units)

1

16

…….

2

20

……..

3

…….

20

4

18

……..

5

……

8

6

14

……..

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Solution

Units of Labour

Average Product

`AP=(TP)/L`

Marginal Product

(Units)

`MP_n=TP_n-TP_(n-1)`

Total Product

`TP = APxxL`  or,
`TP_n=TP_(n-1)+MP_n`

1

16

-

16 (1 × 16)

2

20

24 (40 − 16)

40 (2 × 20)

3

20 (60 ÷ 3)

20

60 (40 + 20)

4

18

12 (72 − 60)

72 (4 × 18)

5

16 (80 ÷5)

8

80 (72 + 8)

6

14

4 (84 − 80)

84 (6 × 14)

Concept: Relation Between Total, Average and Marginal Product
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