*1 Rubber Dinghies total product schedule is: Labour Output (workers per week) (rubber boats per week) 1...

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*1 Rubber Dinghies’ total product schedule is: Labour Output (workers per week) (rubber boats per week) 1 1 2 3 3 6 4 10 5 15 6 21 7 26 8 30 9 33 10 35 a Draw the total product curve. b Calculate the average product of labour and draw the average product curve. c Calculate the marginal product of labour and draw the marginal product curve. d What is the relationship between average product and marginal product when Rubber Dinghies produces (i) fewer than 30 boats a week and (ii) more than 30 boats a week?

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Economics

ISBN: 9781509540235

6th Edition

Authors: Michael Parkin, Melanie Powell, Kent Matthews

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