12th Class Economics Sample Paper Economics - Sample Paper-11

Explain producer's equilibrium with the help of a diagram. Or Complete the given table and identify where the point of inflexion exists.

Labour (units) Total Product (TP) Average Product (AP) Marginal Product (MP)

1 20 - -

2 - - 30

3 - - 25

4 90 - -

5 - 18 -

6 - - -9

Answer:

Total Product (TP) =50, 75, 90, 81 Average Product (AP) =20, 25, 22.5, 13.5 Marginal Product (MP) = 20, 15, 0