Neco 2023 Economics Question 5
Practice objective / multiple choice question 5 from the 2023 Neco Economics examination.
A firm uses labour (L) while keeping capital fixed. The total product (TP) obtained from different labour inputs is shown: \[\begin{array}{c|c} L & TP \\ \hline 1 & 10 \\ 2 & 25 \\ 3 & 45 \\ 4 & 60 \\ 5 & 70 \\ 6 & 75 \\ 7 & 78 \end{array}\] (a) Compute the marginal product (MP) and average product (AP) of labour for each additional unit of labour. (b) At which labour input does AP equal MP? (c) Explain the economic significance of this point.
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About This Question
This is Neco 2023 Economics Question 5. It is one of the objective questions from the 2023 Neco Economics examination.
Difficulty level: Medium .
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