In the diagram, curves 1, 2, and 3 represent the total, marginal, and average product curves respectively. total, average, and m
1 answer:
In the diagram (see attachment), curves 1, 2, and 3 represent the: C. marginal, average, and total product curves respectively.
<h3>What is a product?</h3>A product can be defined as any physical object and tangible item that is typically produced by a manufacturer, so as to satisfy and meet the demands, needs or wants of every customer.
In Economics, some examples of products include the following:
- Pencils
- Laptop computers
- Mobile phones
- Television
- Microwave oven
A variable input can be defined as a type of resources which provides the additional (extra) inputs that is required and needed by a business firm in order to expand short-run production. Thus, labor is considered as the most common example of a variable input.
In conclusion, we can infer and logically deduce that curves 1, 2, and 3 in the diagram (see attachment) represent the marginal, average, and total product curves respectively
Read more on variable input here: brainly.com/question/25493860
#SPJ1
You might be interested in
The approximations T8 and M8 for the given integral are:
- T8 = 33.386321; and
- M8 = 33.50794
An Integral is a variable of which a given function is the derivative, i.e. it gives that function when differentiated and may express the area under the curve of the function's graph.
<h3>What is the explanation to above answer?</h3>Given:
F(x) = 37 cox (x²)
Internal = [0,1] n = 8 in Δ x = 1/8
The sub intervals are:
[0, 1/8], [1/8, 2/8], [2/8, 3/8], [ 3/8, 4/8], [ 4/8, 5/8], [ 5/8, 6/8], [6/8, 7/8], [ 7/8, 1]
The mid points are given as:
1/16, 3/16, 5/16, 7/16, 9/16, 11/16, 13/16, 15/16
and X₀ = 0, X₁ = 1/8, X₂ = 2/8
Using the Trapezium Rule which states that: = Δx/2
= 1/1Q[f(0) + 2f (1/8) + 2f(2/8) + ....+ 2f(7/8) + f(1)]
= 0.902333
Now
T8 =
=
= 37 (0.902333)
T8 = 33.386321
It is to be noted that the midpoints rule is given as; = Δx [f(1/16) + (3/16) + .... + f(15/16)]
= 1/8[f(1/16) + f (3/16) + f(5/16) + f(7/16) + f(9/16) + f(11/16) + f(13/16) + f(15/16)]
= 0.905620
From the above,
M8 =
=
= 37 (0.905620)
M8 = 33.50794
Learn more about integral at;
brainly.com/question/19053586
#SPJ1