Question

Question 11 of 21) 11. value: 7.00 points .00 points The following table provides partial information on total product, average product, and marginal product for a production function. Using the relationships between these properties, fill in the missing cells. Labour Total product Average product 0 Marginal product 0 120 80 240 60

Answer 1

When labor is 0 units then total product will also be zero.

Total product can be calculated through two methods -

1st method -

Total Product = Average Product * Quantity of labor

2nd method -

TP_n = TP_n-1 + MP_n

Average Product can be calculated as follows -

AP = TP/Quantity of labor

Marginal product can be calculated as follows -

MP_n = TP_n - TP_n-1

Based on the above formulas, following is the complete table -

Labor	Total Product	Average Product	Marginal Product
0	0	0	-
1	120	120	120
2	200	100	80
3	240	80	40
4	240	60	0