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Commerce Exam  >  Commerce Questions  >  TPl 0 ,1 ,35, 50 ,40 ,48, L 0,.1, 2, 3, 4, 5,... Start Learning for Free
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TPl 0 ,1 ,35, 50 ,40 ,48, L 0,.1, 2, 3, 4, 5, Find the corresponding average product and marginal product ?
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TPl 0 ,1 ,35, 50 ,40 ,48, L 0,.1, 2, 3, 4, 5, Find the corresponding a...
Introduction:
In economics, average product and marginal product are important concepts used to measure the productivity of a firm or an input. Average product refers to the average output produced per unit of input, while marginal product refers to the additional output produced by adding one more unit of input. In this case, we are given a set of inputs and outputs and we need to calculate the corresponding average product and marginal product.

Inputs and Outputs:
- Inputs (TPl): 0, 1, 35, 50, 40, 48
- Outputs (L): 0, 0.1, 2, 3, 4, 5

Calculating Average Product:
Average product is calculated by dividing the total output (L) by the total input (TPl) for a given period of time. To calculate the average product for each input level, we divide the corresponding output by the input.

Average Product = Output / Input

Average Product for TPl = 0: L = 0 / 0 = undefined
Average Product for TPl = 1: L = 0.1 / 1 = 0.1
Average Product for TPl = 35: L = 2 / 35 ≈ 0.057
Average Product for TPl = 50: L = 3 / 50 = 0.06
Average Product for TPl = 40: L = 4 / 40 = 0.1
Average Product for TPl = 48: L = 5 / 48 ≈ 0.104

Calculating Marginal Product:
Marginal product is the additional output produced by adding one more unit of input. It is calculated by taking the difference between the total output for a given input level and the total output for the previous input level.

Marginal Product = Change in Output / Change in Input

Marginal Product for TPl = 1: L = (0.1 - 0) / (1 - 0) = 0.1
Marginal Product for TPl = 35: L = (2 - 0.1) / (35 - 1) ≈ 0.058
Marginal Product for TPl = 50: L = (3 - 2) / (50 - 35) = 0.067
Marginal Product for TPl = 40: L = (4 - 3) / (40 - 50) = -0.1
Marginal Product for TPl = 48: L = (5 - 4) / (48 - 40) = 0.125

Summary:
- Average product measures the average output per unit of input.
- Marginal product measures the additional output produced by adding one more unit of input.
- Average product is calculated by dividing the total output by the total input.
- Marginal product is calculated by taking the difference in output between two consecutive input levels.
- In this case, the average product and marginal product for each input level have been calculated based on the given inputs and outputs.
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Direction: Read the following passage and answer the question that follows:The slope of a total revenue curve is particularly important. It equals the change in the vertical axis (total revenu e) divided by the change in the horizontal axis (quantity) between any two points. The slope measures the rate at which total revenue increases as output increases. We can think of it as the increase in total revenue associated with a 1-unit increase in output. The increase in total revenue from a 1-unit increase in quantity is marginal revenue. Thus marginal revenue (MR) equals the slope of the total revenue curve.How much additional revenue does a radish producer gain from selling one more pound of radishes? The answer, of course, is the market price for 1 pound. Marginal revenue equals the market price. Because the market price is not affected by the output choice of a single firm, the marginal revenue the firm gains by producing one more unit is always the market price. The marginal revenue curve shows the relationship between marginal revenue and the quantity a firm produces. For a perfectly competitive firm, the marginal revenue curve is a horizontal line at the market price. If the market price of a pound of radishes is $0.40, then the marginal revenue is $0.40. Marginal revenue curves for prices of $0.20, $0.40, and $0.60. In perfect competition, a firm’s marginal revenue curve is a horizontal line at the market price.Price also equals average revenue, which is total revenue divided by quantity. To obtain average revenue (AR), we divide total revenue by quantity, Q. Because total revenue equals price (P) times quantity (Q), dividing by quantity leaves us with price.Q. The marginal revenue curve shows the relationship between ..................... and ......................

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TPl 0 ,1 ,35, 50 ,40 ,48, L 0,.1, 2, 3, 4, 5, Find the corresponding average product and marginal product ?
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