Authors libby rittenberg 415
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Total, Marginal, and Average Products
Figure 8.1 "Acme Clothing’s Total Product Curve" shows the number of
jackets Acme can obtain with varying amounts of labor (in this case,
tailors) and its given level of capital. Atotal product curve shows the
quantities of output that can be obtained from different amounts of a
variable factor of production, assuming other factors of production are
fixed.
Figure 8.1 Acme Clothing’s Total Product Curve
The table gives output levels per day for Acme Clothing Company at
various quantities of labor per day, assuming the firm’s capital is fixed.
These values are then plotted graphically as a total product curve.
Notice what happens to the slope of the total product curve in Figure 8.1
"Acme Clothing’s Total Product Curve". Between 0 and 3 units of labor per
day, the curve becomes steeper. Between 3 and 7 workers, the curve
Attributed to Libby Rittenberg and Timothy Tregarthen
Saylor URL: />
Saylor.org
415
