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Step 1: Calculate Average Product (AP) and Marginal Product (MP) for each level of labor. The formulas used are: Average Product (AP) = Total Product (TP)Labor; Marginal Product (MP) = Δ Total Product (TP)Δ Labor Let's fill in the table: Labor (units) — Total Product (TP) (units) — Average Product (AP) (units) — Marginal Product (MP) (units)0 — 0 — - — - 1 — 10 — 10/1 = 10 — (10−0)/(1−0) = 10; 2 — 24 — 24/2 = 12 — (24−10)/(2−1) = 14; 3 — 40 — 40/3 ≈ 13.33 — (40−24)/(3−2) = 16; 4 — 50 — 50/4 = 12.5 — (50−40)/(4−3) = 10; 5 — 56 — 56/5 = 11.2 — (56−50)/(5−4) = 6; 6 — 57 — 57/6 = 9.5 — (57−56)/(6−5) = 1; 7 — 56 — 56/7 = 8 — (56−57)/(7−6) = −1; 8 — 52 — 52/8 = 6.5 — (52−56)/(8−7) = −4 Step 2: State the completed table. The completed table is: c — c — c — c Labor (units) & Total Product (TP) (units) & Average Product (AP) (units) & Marginal Product (MP) (units) 0 & 0 & − & − 1 & 10 & 10 & 10 2 & 24 & 12 & 14 3 & 40 & 13.33 & 16 4 & 50 & 12.5 & 10 5 & 56 & 11.2 & 6 6 & 57 & 9.5 & 1 7 & 56 & 8 & −1 8 & 52 & 6.5 & −4 Step 3: Explain the relationship between AP and MP based on the table. When Marginal Product (MP) is greater than Average Product (AP) (e.g., at Labor = 2, MP = 14 and AP = 12; at Labor = 3, MP = 16 and AP = 13.33), the Average Product (AP) is increasing. The Average Product (AP) reaches its maximum value of approximately 13.33 at Labor = 3. At this point, the MP (16) is still greater than AP (13.33). The exact intersection where MP = AP would occur between Labor = 3 and Labor = 4, where AP starts to fall. When Marginal Product (MP) is less than Average Product (AP) (e.g., at Labor = 4, MP = 10 and AP = 12.5; at Labor = 5, MP = 6 and AP = 11.2), the Average Product (AP) is decreasing. The Marginal Product (MP) starts to decline earlier than AP, reaching its maximum at Labor = 3 (MP = 16) and then falling, eventually becoming negative (at Labor = 7 and 8).

Labor (units)	Total Product (TP) (units)	Average Product (AP) (units)	Marginal Product (MP) (units)
0	0	-	-
1	10	$\frac{10}{1} = 10$	$\frac{10-0}{1-0} = 10$
2	24	$\frac{24}{2} = 12$	$\frac{24-10}{2-1} = 14$
3	40	$\frac{40}{3} \approx 13.33$	$\frac{40-24}{3-2} = 16$
4	50	$\frac{50}{4} = 12.5$	$\frac{50-40}{4-3} = 10$
5	56	$\frac{56}{5} = 11.2$	$\frac{56-50}{5-4} = 6$
6	57	$\frac{57}{6} = 9.5$	$\frac{57-56}{6-5} = 1$
7	56	$\frac{56}{7} = 8$	$\frac{56-57}{7-6} = -1$
8	52	$\frac{52}{8} = 6.5$	$\frac{52-56}{8-7} = -4$

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Step-by-step solution

Calculate Average Product (AP) and Marginal Product (MP) for each level of labor.

State the completed table.

Explain the relationship between AP and MP based on the table.

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