Explain why the industry short run production has only one

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Reference no: EM1320348

Q. Complete the table (Table 1) below, then draw the subsequent curves:

• Short-run average product (AP) curve;

• Short-run marginal product (MP) curve.

Table Elucidate how the Average also Marginal product of labour for a hypothetical industry

Amount of labour( units) Amount of capital(No. of machines) Output of parts(Q, hundreds of parts) Average product (Q/L) Marginal product(?Q/?L)

0 10 0 - -
1 10 49 49 49
2 10 132 66 83
3 10 243 81 **
4 10 376 94 133
5 10 525 ** 149
6 10 684 114 159
6.6 10 792.59 120.09 ***
7 10 847 **** 163
8 10 1008 126 161
9 10 1161 **** ***
10 10 1300 130 139
11 10 1419 *** 119
12 10 1512 126 93
13 10 1573 121 ****
14 10 1596 **** 23
14 10 1575 105 ******

Utilize the information from the completed table also the graphs to identify the three stages of production also explain why the industry's short run production has only one ‘rational' stage of production.

Reference no: EM1320348

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