Short run product curve
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Intros
Lessons
- Short Run Product Curve Overview:
- Short-Run Constraint
- A short time period
- Capital is fixed
- Only labour, raw materials, etc. can be changed
- Short-run decisions can easily change
- Increasing output in the short-run
- 3 Product Curves
- Total Product Curve
- Marginal Product Curve
- Average Product Curve
- Law of Diminishing Returns
- Features of Marginal & Average Product Curve
- Increases at first, decreases later
- Why?
- Maximizing Average Product
- When MP > AP, you marginally gain more then average
- When MP < AP, you marginally gain less than average
- Maximized when AP = MP
Examples
Lessons
- Deriving Marginal & Average Product Curve
Consider the following information:Labor (workers per week)
Output (candies per week)
0
0
1
15
2
35
3
60
4
80
5
95
6
105
- Consider the following information:
Labor (workers per week)
Output (candies per week)
0
0
1
10
2
30
3
60
4
80
5
90
6
95
- Analyzing Marginal & Average Product Curve
Consider the following marginal product & average product curve.- Over what output range does the company have increased specialization and division of labor?
- Over what output range does the company's employees have less access to capital, and less space to work in?
- Over what output range does the company have diminishing marginal product and increasing average product?
- At what output is average product curve maximized?
- Consider the following marginal product & average product curve.
- Over what output range does the company have increased specialization and division of labor?
- Over what output range does the company's employees have less access to capital, and less space to work in?
- Over what output range does the company have diminishing marginal product and increasing average product?
- At what output is average product curve maximized?