In Order to Answer This Question You Should Fill in the Blanks

question 77

Short Answer

In order to answer this question you should fill in the blanks in the following table.
$\begin{array}{lccc}\text { Unit of } & \text { Total } & \text { Average Product } & \text { Marginal } \\\text { Labor } & \text { Product }(T P) & (A P) & \text { Product }(M P)\\\hline1 & - & 30 & - \\2 & - & - & 40 \\3 & 90 & -&-\\4&-&-&10\end{array}$
a. At 2 units of labor, TP = ______ and AP = ______.
b. At 3 units of labor, AP = ______ and MP = ______.
c. At 4 units of labor, TP = ______ and AP = ______.

---

Definitions:

Economic Loss

A decrease in financial wealth, goods, or resources, often as a result of business activities or economic policy decisions.

Accounting Profit

The net income a company reports on its financial statements, calculated as total revenues minus explicit costs.

Marginal Product

The additional output that is produced by using one more unit of a specific input, holding the levels of all other inputs constant.

Nonlabor Resources

Nonlabor resources refer to the materials, capital, land, and technology used in the production of goods and services, distinct from human labor.