1. The following table shows data for a simple production function.
Capital (K) Labor (L) Total Average Marginal
Product (TP) Product (AP) Product (MP)
10 0 0 — —
10 1 5
10 2 15
10 3 30
10 4 50
10 5 75
10 6 85
10 7 90
10 8 92
10 9 92
10 10 90
a. From the information in the table, calculate marginal and average products.
b. Graph the three functions (put total product on one graph and marginal and average products on another).
c. For what range of output does this function have diminishing marginal returns?
d. At what output is average product maximized?
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