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3(25 points). The following table shows the amount of total output produced from various combinations of labor and capital: Units of Units of capital labor
3(25 points). The following table shows the amount of total output produced from various combinations of labor and capital: Units of Units of capital labor 1 2 3 4 50 120 160 180 110 260 360 390 U A W N - 150 360 510 560 170 430 630 690 160 480 710 790 a. Calculate the marginal product and average product of labor when capital is held constant at 3 units. When the average product of labor is increasing, what is the relation between the average product and the marginal product? b. Calculate the marginal product of labor for each level of the capital stock. How does the marginal product of the second unit of labor change as the capital stock increases? Why
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