For a simple graph of a production function with Q on the y-axis and L on the x-axis, the slope of the production function at a specific point equals the marginal product of labor whereas the slope between the origin and a specific point on the production function equals the average product of labor.

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Quizplus · Accepted Answer

This statement is true. The slope of a production function at a specific point represents the change in output (Q) resulting from a one-unit increase in labor input (L), which is exactly the definition of marginal product of labor. The slope between the origin and a specific point on the production function represents the average product of labor because it is calculated as the ratio of output (Q) to labor input (L) over a certain range of values. The statement is true. The slope of the production function at a specific point is equal to the marginal product of labor (MPL) because it measures the additional output generated by adding one more unit of labor. The slope between the origin and a specific point on the production function is equal to the average product of labor (APL) because it measures the output per unit of labor at that level of production.

For a Simple Graph of a Production Function with Q