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(Solved): The total product curve in the figure shows the output produced for different amounts of labor inpu ...
The total product curve in the figure shows the output produced for different amounts of labor input. The line from the origin to point is tangent to the total product curve at point . Compare points and , which point has a larger marginal product? And which point has a larger average product? Explain your answer.
Expert Answer
The total product curve in the figure shows the relationship between the quantity of labor input and the quantity of output produced.At any given point on the total product curve, the slope of the curve represents the marginal product of labor, which is the additional output produced by adding one more unit of labor input.