Draw the Total Product graph and below it draw the Marginal Product of Labor (MPL) graph as more workers are added to the manufacturing process. Make sure to label the axes and every line you draw.
On one set of coordinates, draw the TFC, TVC, and TC curves. Please label the axes, an important vertical intercept, and every line.
On one set of coordinates, draw the MC, AFC, AVC, and ATC curves. Please label the axes and every line.
When MPL is negative, Total product __________________________
When MPL decreases but it is still positive, Total product ____________________ at a __________________ rate.
Total product is maximized when MPL is _____________________
When MC increases, AVC decreases. – True or False
The TC and TVC curves are parallel. – True or Fase