Please show work a. Marginal and Average Product : GIVEN (Springfield Spring Cor
ID: 1177283 • Letter: P
Question
Please show work
a. Marginal and Average Product :
GIVEN (Springfield Spring Corp.)
Inputs of labor
Total Product
Marginal Product (MP)
Average Product (AP)
0
0
--
--
1
120
2
270
3
450
4
650
5
860
6
1050
7
1200
8
1300
9
1350
10
1360
i) Complete the table above.
ii) Does this production data illustrate the law of diminishing returns? Why or why not?
Inputs of labor
Total Product
Marginal Product (MP)
Average Product (AP)
0
0
--
--
1
120
2
270
3
450
4
650
5
860
6
1050
7
1200
8
1300
9
1350
10
1360
Explanation / Answer
MP = 0, 120, (270-120)/1 , (450-270)/1, (650-450)/1, (860-650)/1..............so on
AP will be = 120/1 , 270/2 , 450/3 , 650/4 , 860/5.............1360/10
yes it shows law of diminishing marginal utility