Fill in the missing data to solve this problem.
What is the total product for 5 units of input,and what is the marginal product for 6 units of input?

Question

Fill in the missing data to solve this problem.  
What is the total product for 5 units of input,and what is the marginal product for 6 units of input?

Quizplus · Accepted Answer

To find the missing data, we can use the formula:
Total Product = Average Product * Input
Using this formula, we can fill in the missing data as follows:
- For input of 4, Total Product is missing, so we can use the given Average Product of 70 to calculate it: Total Product = 70 * 4 = 280
- For input of 5, both Total Product and Marginal Product are missing. To find Total Product, we can use the same formula: Total Product = Average Product * Input = ? * 5
But we also know that the Marginal Product for input of 5 is 40. Since Marginal Product is the additional output that is gained from adding one more unit of input, we can assume that the Average Product must have increased by 40 when going from input of 4 to input of 5. Therefore, we can solve for the missing Average Product as follows:
Average Product for input of 4 = Total Product / Input = 280 / 4 = 70
Average Product for input of 5 = Average Product for input of 4 + Marginal Product for input of 5 = 70 + 40 = 110
Then, we can use the formula to find the Total Product for input of 5: Total Product = Average Product * Input = 110 * 5 = 550
- For input of 6, both Marginal Product and one of the other products are missing. To find Marginal Product, we can use the formula:
Marginal Product = Change in Total Product / Change in Input = (Total Product for input of 6 - Total Product for input of 5) / (6 - 5) = (? - 550) / 1 = ?
But we also know that the Total Product for input of 6 is 350 more than for input of 5, since the Total Product for input of 5 was 550. Therefore, the Total Product for input of 6 is:
Total Product for input of 6 = Total Product for input of 5 + 350 = 550 + 350 = 900
Using the Marginal Product formula, we can now solve for the missing Marginal Product:
Marginal Product for input of 6 = (Total Product for input of 6 - Total Product for input of 5) / (6 - 5) = (900 - 550) / 1 = 350
Therefore, the answer is A: 320 and 30 (Total Product for input of 5 and Marginal Product for input of 6).

Fill in the Missing Data to Solve This Problem