Look at the following table below linking quantity of output to quantity of labor units. From this table you can calculate Marginal Product, which is the change in total product as one more unit of labor is added in the short run when quantities of other inputs are assumed fixed. If we know how much each unit of labor costs, we can map output and marginal product into Variable Costs and Marginal Cost. For our purposes assume that labor is the only variable input in the short run and that each unit of labor costs $3. Using this information and the table below, calculate Marginal Product and Marginal Cost and discuss how the peak and then decline in Marginal Product is related to the minimum and subsequent increase in Marginal Cost. Hint: Marginal Cost is the additional cost of producingoneadditional unit of output.

s is a graded discussion: 100 points possible 6. Discussion: Analyzing the Relationship Between Production and Measures of Cost At opic et's explore the relationship between Marginal Product and Marginal Cost Specifically, we have learned about Diminishing Marginal Product in the short Marginal Product and the eventual upturn in Marginal Cost. which is the additional cost from producing one additional unit of output. Look at the following table below linking quantity of output to quantity of labor units. From this table you can calculate Marginal Product, which is the chan abor costs, we can map output and marginal product into Variable Costs and Marginal Cost. For our purposes assume that labor is the only variable input in the peak and then decline in Marginal Product is related to the minimum and subsequent increase in Marginal Cost. Hint: Marginal Cost is the additional cost "Table linking output to inputs Units of Labor Input Quantity of Output Marginal Product Marginal Cost 0 3 2 3 12 16 5 19 21 22 Share your methods and calculations for Marginal Product and Marpleal cost and be specine in discussing the link between the two A Quality Response You responses should be a minimum of three posts and it should address all criteria in the rutne belong "Your initial response should address the question in the Topic question It should be substantial and rolled the gracing rubric below. Your responses to at least two classmates should focus on creating topical death connections with beers to gain svaried and new insight into the topic. Rubric Response Criteria Initial Resparis Initial post is added; submitted early in the session (before Thursday) Initial Response Ideas are clearly stated. Initial Response Well written ino grammatical emoral Initial Response finswers the question of is relevant to the topic in discussion Invial Response Makes reference to information found in the textbook of the module Response to Claymates . Responded Be at least two classmates Response to Classmates . Did not simply reply with "Good Job: "I like what you said. or Iagree" Response to Classeaten Response to Classmates a. Stimulated additional thought and pastings by other students about the topic. to search O