5 Ajax Manufacturing has a fixed scale of plant with the lev

5. Ajax Manufacturing has a fixed scale of plant with the levels of total product given in the table for different levels of labor. Complete the table by calculating the average product and marginal product. A verage Marginal product product Quantity of labor Total product (workers) 24 50 74 94 110 122 130 134 134

Solution

Q TP AP = TP/Q MP = dTP/dQ 0 0 - - 1 24 24 24 2 50 25 13 3 74 24.66 8 4 94 23.50 5 5 110 22 3.20 6 122 20.33 2 7 130 18.57 1.143 8 134 16.75 0.5 9 134 14.9 0