Using micro economics, Create 2 graphs and use them to draw the relationship between output, average product and margin...
Using micro economics, Create 2 graphs and use them to draw the relationship between output, average product and marginal product. Please explain.
Homework Answers
TP and MP
- TP increases at increasing rate when when MP rises.
- TP increases at decreasing rate when MP declines.
- TP is maximum when MP is zero.
MP and AP
- AP rises when MP increases.
- AP is maximum when AP and MP are equal.
- MP rises and falls at higher rate relative to AP.
- MP might become negative but AP remains positive.
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