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Production And Costs

Question

Wired Faculty App

The following table gives the average product schedule of labour. Find the total product and marginal product schedules. It is given that the total product is zero at zero level of labour employment.

L

1

2

3

4

5

6

AP_L

2

3

4

4.25

4

3.5

Solution

L	AP_L	TP_L = AP_L × L	MP_L = ∆TP_L /∆_L
1	2	2	2
2	3	6	4 (= 6 - 2)
3	4	12	6
4	4.25	17	5
5	4	20	3
6	3.5	21	1

Some More Questions From Production And Costs Chapter

How will an increase in number of firms shifts the market supply curve?

What is the shape of supply curve during very short (market period)?

What is the shape of supply curve during short or long period?

What is the price elasticity associated with a straight line supply curve passing through the origin?

Name three factors that can shift a supply curve.

Give two examples where technological progress leads to a shift in the supply curve.

A new technique of production reduces the marginal cost of producing stainless steel. How will this affect the supply curve of stainless steel utensils?

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Define market supply of a good.

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