Question 1- Use table below: L Q 2 50 3 57 4 68 5 75 6 78 What is the average pr
ID: 2505915 • Letter: Q
Question
Question 1-
Use table below:
L Q
2 50
3 57
4 68
5 75
6 78
What is the average product of labor when L = 4?
Question 2-
Use table below:
L Q
2 50
3 57
4 68
5 75
6 78
What is the marginal product of labor when you add the 5th unit?
Question 3-
Use table below:
L Q
2 50
3 57
4 68
5 75
6 78
What is the value of "L" for which the average product reaches the highest value?
Question 4-
Use table below:
L Q
2 50
3 57
4 68
5 75
6 78
Which is true for each "L":
a- Average product of labor increases as "L" increases
b- Average product of labor decreases as "L" increases
c- Marginal product of labor increaeses as "L" increases
d- Marginal product of labor decreases as "L" increases
e- None of them apply
Explanation / Answer
Answer 1) average product of labor for L=4 is Q/L = 68/4= 17
Answer 2) marginal product of labor = 75-68/ (5-4) = 7
Answer 3)
L Q average product
2 50 25
3 57 19
4 68 17
5 75 15
6 78 13
for L=2, average product of labor is maximum which is 25
Answer 4) Average product of labor decreases as "L" increases
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