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How can you derive the total product and marginal product schedules from the average product schedule of labour, assuming the total product is zero at zero labour employment?

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Important Questions on Production and Costs

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Economics>Microeconomics>Production and Costs>Returns to Scale
What is the primary function of money?
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Economics>Microeconomics>Production and Costs>Returns to Scale
What is a 'repo rate'?
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Economics>Microeconomics>Production and Costs>Returns to Scale
What is the total product of an input?
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Economics>Microeconomics>Production and Costs>Returns to Scale
What does 'fiat money' refer to?
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Economics>Microeconomics>Production and Costs>Returns to Scale
How do commercial banks create money?
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Economics>Microeconomics>Production and Costs>Returns to Scale
What is the 'cash reserve ratio' (CRR)?
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Economics>Microeconomics>Production and Costs>Returns to Scale
For the production function \(Q = 2L^2K^2\), how would you determine the maximum possible output with given units of labour and capital? What happens if one input is zero?
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Economics>Microeconomics>Production and Costs>Returns to Scale
Explain the relationship between the marginal products and the total product of an input.
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Economics>Microeconomics>Production and Costs>Returns to Scale
What is meant by 'high-powered money'?
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Economics>Microeconomics>Production and Costs>Returns to Scale
Explain the concept of a production function.
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Economics>Microeconomics>Production and Costs>Returns to Scale
What is the role of the central bank in money supply?
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Economics>Microeconomics>Production and Costs>Returns to Scale
Which of the following is NOT a function of money?
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Economics>Microeconomics>Production and Costs>Returns to Scale
What is the average product of an input?
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Economics>Microeconomics>Production and Costs>Returns to Scale
How would you find the maximum output for a firm using a production function \(Q = 5L + 2K\) if one input is zero and the other is non-zero?
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Economics>Microeconomics>Production and Costs>Returns to Scale
What is the law of diminishing marginal product?
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Economics>Microeconomics>Production and Costs>Returns to Scale
Why is the money supply called 'high powered' when issued by the central bank?
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Economics>Microeconomics>Production and Costs>Returns to Scale
Explain the concepts of the short run and the long run.
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Economics>Microeconomics>Production and Costs>Returns to Scale
What is the law of variable proportions?
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Economics>Microeconomics>Production and Costs>Returns to Scale
What is the marginal product of an input?
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Economics>Microeconomics>Production and Costs>Returns to Scale
What is a major drawback of the barter system?