Marginal Product and Average Product

Running head: MICROECONOMICS
Microeconomics
Name of the Student:
Name of the University:
Author’s Note:

MICROECONOMICS1
Table of Contents
Answer to question 1:......................................................................................................................2
Part a:...........................................................................................................................................2
Part b:...........................................................................................................................................2
Part c:...........................................................................................................................................3
Part d:...........................................................................................................................................3
Answer to question 2:......................................................................................................................4
Part a:...........................................................................................................................................4
Part b:...........................................................................................................................................5
Part c:...........................................................................................................................................5
Answer to question 3:......................................................................................................................6
Answer to question 4:......................................................................................................................6
References and bibliography:..........................................................................................................8

MICROECONOMICS2
Answer to question 1:
Part a:
Quantity of
Labor
Quantity of
Footballs
Total
Product
Marginal
Product
Average
Product
0 0 0 0 0
1 350 350 350 350
2 900 900 550 450
3 1250 1250 350 417
4 1450 1450 200 363
5 1550 1550 100 310
Part b:
Quantity
of Labor
Quantity of
Footballs
Wages per
worker
Total
Wages
Wages per
Football
Cost of inputs
per Football
Average
variable
costs
1 350 2500 2500 7.14 5.00 12.14
2 900 2500 5000 5.56 5.00 10.56
3 1250 2500 7500 6.00 5.00 11.00
4 1450 2500 10000 6.90 5.00 11.90
5 1550 2500 12500 8.06 5.00 13.06
Quantit
y of
Labor
Quantity
of
Footballs
Fixed
costs
Variab
le
costs
Total
Costs
Average
Fixed costs
Average
variable
costs
Average
Total
Costs
Margin
al
Costs
1 350 2000 4250 6250 5.71 12.14 17.86 17.86
2 900 2000 9500 11500 2.22 10.56 12.78 9.55
3 1250 2000 13750 15750 1.60 11.00 12.60 12.14
4 1450 2000 17250 19250 1.38 11.90 13.28 17.50
5 1550 2000 20250 22250 1.29 13.06 14.35 30.00