Math Problem Statement
Solution
The table and questions involve calculating Marginal Product (MP) and Average Product (AP), as well as analyzing labor productivity. I will break down the calculations and solutions step by step.
Step 1: Definitions
- Marginal Product (MP): The additional output produced when one more unit of labor is added.
- Average Product (AP): The total output per worker.
Step 2: Complete the Table
Let’s calculate MP and AP for the provided data:
Workers (Labor) | Total Product (TP) | Marginal Product (MP) | Average Product (AP) |
---|---|---|---|
0 | 0 | - | - |
1 | 5 | ||
2 | 12 | ||
3 | 20 | ||
4 | 25 | ||
5 | 27 | ||
6 | 24 |
Step 3: Addressing Questions
Question 5:
Using the data:
- Marginal Product (MP) decreases after the third worker.
- Average Product (AP) peaks between 3 and 4 workers, then declines.
Question 6:
When labor increases:
- Marginal Product of Labor starts to decrease after the third worker due to diminishing returns.
- Correct answer: .
Question 7a:
The production function for footballs is . The marginal product of labor (MP) is the derivative of :
Question 7b:
The average product of labor (AP) is:
Would you like a detailed explanation of any step or further clarification? Let me know!
Here are 5 related questions to extend your understanding:
- What are the economic implications of diminishing marginal returns in production?
- How is the relationship between MP and AP reflected in this table?
- What happens to total product when MP becomes negative?
- How can firms use MP and AP to decide on the optimal number of workers?
- How does the square root production function compare to linear functions in terms of MP?
Tip: Always analyze both MP and AP trends together to understand labor productivity and diminishing returns!
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Math Problem Analysis
Mathematical Concepts
Marginal Product (MP)
Average Product (AP)
Diminishing Returns
Differentiation
Formulas
MP = Change in Total Product (TP) / Change in Workers
AP = Total Product (TP) / Number of Workers
Derivative of y(x) = 7√x for MP
AP = y(x) / x
Theorems
Law of Diminishing Marginal Returns
Basic Differentiation Rules
Suitable Grade Level
Grades 10-12
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