question_answer

Complete the following table: Or

Units of labour	Average Product (AP)	Marginal Product (MP)	Total Product(TP)
1	8	-	-
2	10	-	-
3	?	10	-
4	9	-	-
5		4	-
6	7	-	-

Complete the following table:

Output (Q)	Price (Rs.) (P)	Total Revenue (TR) (Rs.)	Marginal Revenue (MR) (Rs.)
4	9	36	-
5	-	-	4
6	-	42	-
7	6	-	-
8	-	40	-

Answer:

Average, Marginal and Total Product Schedule                               

Units of Labours	Average Product (AP)	Marginal Product(AP)	Total Product (AP)
1	8	8	8
2	10	12	20
3	10	10	30
4	9	6	36
5	8	4	40
6	7	2	42

Formulae used                         TP        AP \[\times \] Units of Labour               AP        TP\[\div \]Units of Labour              MP       \[T{{P}_{n}}-T{{P}_{n-1}}\]                   Average, Marginal and Total Revenue Schedule

Output (Units)	Price(Rs.)	Total Revenue(TR)	Marginal Revenue(MR)
4	9	36	?
5	8	36	4
6	7	42	2
7	6	42	0
8	5	40	\[-2\]

Formulae used                        \[TR=Price\times output\]          \[Price=TR\times output\]           \[MR=T{{R}_{n}}-T{{R}_{n-1}}\]