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WAEC Economics 2003 Question 12

Question 12

Theory of Production

Use the diagram below to answer question 12.
The curve labelled X is the

Diagram for this question
  1. A.total revenue curve
  2. B.total product curve
  3. C.marginal product curve
  4. D.marginal revenue curve.
Show the answer and explanation

Answer: B (total product curve)

Explanation

With output on the vertical axis and labour on the horizontal, the highest curve, which rises to a peak and then falls, is total product; Y and Z are average and marginal product.