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JAMB Economics 2014 Question 17

Question 17

Theory of Production

Use the table below to answer the question.
Unit of labour | Total product | Average product | Marginal product
1 | 8 | 8 | –
2 | 20 | 10 | 12
3 | E | 9 | 7
4 | 28 | 7 | F
5 | 40 | 8 | 12
From the table above, find the values of E and F respectively.

  1. A.28 and 5
  2. B.12 and 19
  3. C.27 and 1
  4. D.68 and 12.
Show the answer and explanation

Answer: C (27 and 1)

Explanation

E = AP × units = 9 × 3 = 27. F = 28 − 27 = 1 (the extra output from the 4th unit).