4 14 — —
5 18 — —
6 21 — —
7 23 — —
8 24 — —
a. Complete the table by calculating the marginal and
average products.
b. Plot the AP and MP curves on a single graph, and identify
the point of diminishing marginal productivity.
13. Consider an example of a production function that relates the
monthly production of widgets to the monthly use of capital and
labour services. Suppose the production function takes the
following specific algebraic form:
where Q is the output of widgets, K is the input of capital services,
and L is the input of labour services.
a. Suppose that, in the short run, K is constant and equal to- Fill in the following table.
Q=KL−(0.1)L^2