Unit 2: Elasticity, Consumer Choice, Costs

Lesson 7a: Economic Profit and the Production Function

Key Problem

How to plot MP at the midpoint Calculate, Plot, and Describe TP, MP, AP   HOW TO PLOT MARGINAL VALUES AT THE MIDPOINT   CALCULATE, PLOT, and DESCRIBE TP, MP, AP Use the data below to: - Graph the quantity produced (total product, TP) - Calculate and graph marginal product (MP) at the midpoints. - Calculate and graph average product (AP). - Describe (explain) the shape of the TP and MP graphs. - Describe (explain) the shape of the AP and MP graphs.

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