Plot the average and marginal products of labour on a graph


Question: A firm has the following short-run production functions:

Employment per week           Output per week

0                                               0

1                                               3

2                                               7

3                                             11.5

4                                              16

5                                              19

6                                              21

(a) Plot the average and marginal products of labour on a graph. Does this production function display diminishing marginal returns to labour eventually?

(b) If the wage is £5 per week, plot the short-run variable and marginal cost curves.

(c) If fixed costs are £10 per week, plot the short-run average and marginal cost curves.

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Engineering Mathematics: Plot the average and marginal products of labour on a graph
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