Use the data in the table below to answer questions 1 through 10.Input Total product0 01 42 83 154 225 256 277 288 24Where do the average product and the marginal product curves intersect?A.Between 4 and 5 units of inputB.At 3.5 units of inputC.At 2 units of inputD.Above 7 units of inputE.Around 6 units of input
Question
Use the data in the table below to answer questions 1 through 10.Input Total product0 01 42 83 154 225 256 277 288 24Where do the average product and the marginal product curves intersect?A.Between 4 and 5 units of inputB.At 3.5 units of inputC.At 2 units of inputD.Above 7 units of inputE.Around 6 units of input
Solution
The average product (AP) is calculated by dividing the total product (TP) by the quantity of the input, while the marginal product (MP) is the change in TP when one more unit of input is added.
The AP and MP curves intersect when AP is at its maximum. This is because when MP is greater than AP, AP is increasing. When MP is less than AP, AP is decreasing. Therefore, AP is at its maximum when MP equals AP.
Let's calculate the AP and MP for each unit of input:
Input 1: AP = 4/1 = 4, MP = 4 - 0 = 4 Input 2: AP = 8/2 = 4, MP = 8 - 4 = 4 Input 3: AP = 15/3 = 5, MP = 15 - 8 = 7 Input 4: AP = 22/4 = 5.5, MP = 22 - 15 = 7 Input 5: AP = 25/5 = 5, MP = 25 - 22 = 3 Input 6: AP = 27/6 = 4.5, MP = 27 - 25 = 2 Input 7: AP = 28/7 = 4, MP = 28 - 27 = 1 Input 8: AP = 24/8 = 3, MP = 24 - 28 = -4
From the calculations, we can see that the AP and MP curves intersect between 4 and 5 units of input. So, the answer is A. Between 4 and 5 units of input.
Similar Questions
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