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Economics 111 Principles of Microeconomics (1) Fun with Production Functions Labor Input Total Output Marginal Product...

Economics 111 Principles of Microeconomics

(1) Fun with Production Functions

Labor Input Total Output Marginal Product Average Product

0 0 NA NA
1 4
2 16
3 11
4 52
5 69
6 85
7 15
8 14

a) Fill in the missing information in the table above, which describes a production function for beer.

b) Using graph paper or an Excel spreadsheet, draw the Total Product, Marginal Product, and Average Product curves.

c) Describe the shapes/properties of the three curves.

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