![Production ,[object Object],[object Object],[object Object],[object Object]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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Chapter 4 Production
- 1. Chapter 4 The Theory of Production
- 8. Total Product, Marginal Product and Average Product of Labor TP labour MP (∆TP/ ∆L) AP(TP/L) 0 0 - 0 8 1 8 8 20 2 12 10 33 3 13 11 44 4 11 11 50 5 6 10 54 6 4 9 56 7 2 8 56 8 0 7 54 9 -2 6 50 10 -4 5
- 9. Relationship between TP L , AP L and MP L Land Labor TP L AP L MP L Law of Marg. Returns Stages of Production 1 1 3 3 - Increasing Marg. Returns Stage 1 1 2 7 3.5 4 1 3 33 11 26 1 4 50 12.5 17 Diminishing Marg. Returns Stage 2 1 5 65 13 15 1 6 75 12.5 10 1 7 80 11.43 5 1 8 80 10 0 1 9 78 8.67 -2 Negative Marg. Returns Stage 3 1 10 72 7.2 -6
- 10. Production Labor TP L maximum TP L AP L MP L MP L = 0 AP L maximum MP L maximum 0 Stage 1 Stage 2 Stage 3 3 Stages of Production Curve in Short Run