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Use the data in the table below to answer questions 1 through 10.Input Total product0 01 42 83 154 225 256 277 288 24What is the average product for 3 units of input?Answer here

Question

Use the data in the table below to answer questions 1 through 10.Input Total product0 01 42 83 154 225 256 277 288 24What is the average product for 3 units of input?Answer here

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Solution

The average product for 3 units of input can be calculated by dividing the total product by the number of units of input.

From the table, the total product for 3 units of input is 15.

So, the average product for 3 units of input is 15 / 3 = 5.

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Use the data in the table below to answer questions 1 through 3.Labor (hours) Output (units)0 010 10020 24030 36040 44050 500If the firm has fixed costs of $2,000 and labor costs are $8 per hour, what is the average total costs at 40 hours of labor (rounded to the nearest penny)?Answer here

Use the data in the table below to answer questions 1 through 10.Input Total product0 01 42 83 154 225 256 277 288 24Where do the average product and the marginal product curves intersect?A.Between 4 and 5 units of inputB.At 3.5 units of inputC.At 2 units of inputD.Above 7 units of inputE.Around 6 units of input

The average of 9 items is 79. If one new item whose value is 59 is also included in the series, find average of all the 10 items.A77B80C81D83

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