L TP or (Q) MP ? AP ?
1- Calculate the MP and AP columns
2 Plot the TP function. Use either graph paper or be as accurate as possible so that the concave and convex parts of the curve show up well on the graph. Label the x-axis and y-axis. Also label the area where there is increasing returns to labor, diminishing returns to labor and negative returns to labor.
3 On a separate accurate graph, right below the TP graph just as we did in class, draw the MP curve (remember the values of x coordinates for the MP curve should be the midpoints of the intervals), and the AP curve. Also mark the areas where there are increasing, diminishing and negative returns to labor.
4- Where does the MP curve intersect the AP curve? Note your graphs should be very accurate to answer this question. Why? The answer can be found in the textbook. We will discuss this in class on Friday.
L TP or Q01234567 MP AP 05122127313329 1. Calculate the MP and AP columnsThe calculated columns are given below,L TP or Q01234567 MP05122127313329 AP579642-4…