The table below describes the total product of a firm. Fill in the missing values, a) - u), by calculating marginal product and average product.
Refer to the table from above.
a. List the units of capital exhibit increasing marginal returns?
b. List the units of capital exhibit decreasing marginal returns?
c. List the units of capital exhibit negative marginal returns?
8. Describe how the total product and average product curves change as a firm moves from increasing to diminishing to negative marginal returns.
9. Does the law of diminishing returns mean that, as a firm hires additional workers, each of those workers is successively worse at doing their job? Why or why not?
