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Question
Let TP = Total Product, AP = Average Product and MP = Marginal Product. Use the following table and answer the questions.
Quantity of Variable Factor TP (in units) AP (in units) MP (in units) 1 1000 A B 2 C D 600 3 E 700 F 4 2100 G H 5 I 400 J
Find the value of "F" in the above Table.
Let TP = Total Product, AP = Average Product and MP = Marginal Product. Use the following table and answer the questions.
| Quantity of Variable Factor | TP (in units) | AP (in units) | MP (in units) |
| 1 | 1000 | A | B |
| 2 | C | D | 600 |
| 3 | E | 700 | F |
| 4 | 2100 | G | H |
| 5 | I | 400 | J |
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Solution
The correct option is A 500
Marginal product refers to the change in production level or additional production which a firm produces for a unit change in the quantity of variable factor. It is the change in total production of the firm.
The total product of 2nd unit = 1000 + 600 = 1600The total product of 3rd unit = 700 x 3 = 2100 Marginal product of 3rd unit = Total product of 3rd unit - Total product of 2nd unit = 2100 - 1600 = 500.
Marginal product refers to the change in production level or additional production which a firm produces for a unit change in the quantity of variable factor. It is the change in total production of the firm.
The total product of 2nd unit = 1000 + 600 = 1600
The total product of 3rd unit = 700 x 3 = 2100
Marginal product of 3rd unit = Total product of 3rd unit - Total product of 2nd unit
= 2100 - 1600
= 500.
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