Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

subject agricultural economy Table 1 Land (acre) Labor Total Product (kg) 1 0 0 1 1 600 1 2 1400 1 3 2100 1 4

subject agricultural economy 

Table 1

Land (acre) Labor Total Product

(kg)

1 0 0

1 1 600

1 2 1400

1 3 2100

1 4 2600

1 5 3000

1 6 3000

1 7 2800

1 8 2400

Table 1 shows different levels of input and output for durian production.

1) Identify the fixed and variable inputs used in the durian production. (2 marks)

2) What is total product when average product equal to marginal product? (2 mark)

3) What is total product when law of diminishing returns begins to start? (2 mark)

4) What is the marginal product of the fourth unit of labor? (2 marks)

5) What is the marginal product of the seventh unit of labor? (2 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Financial Accounting

Authors: John J Wild, Ken W Shaw, Barbara Chiappetta

22nd Edition

0077632893, 9780077632892

More Books

Students also viewed these Economics questions

Question

why you want to attend graduate school in general;

Answered: 1 week ago