Posted on Categories:Microeconomics, 微观经济学, 经济代写

# 经济代写|微观经济学代考Microeconomics代写|ECON2516 Average and Marginal Product

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## 经济代写|微观经济学代考Microeconomics代写|Average and Marginal Product

Before we begin the analysis, we need to define a few concepts that will be important later on. The average product is how much of the good that on average is produced by a certain input, $\mathrm{L}$ or $\mathrm{K}$. We therefore have that the average products, AP, for labor and capital, respectively, are
$$\left{\begin{array}{l} A P_L=\frac{q}{L} \ A P_K=\frac{q}{K} \end{array}\right.$$
The marginal product, MP, is how much extra quantity that can be produced if one increases the amount of either labor or capital with one unit, keeping the other one constant:
$$\left{\begin{array}{l} M P_L=\frac{\Delta q}{\Delta L} \ M P_K=\frac{\Delta q}{\Delta K} \end{array}\right.$$

## 经济代写|微观经济学代考Microeconomics代写|The Law of Diminishing Marginal Returns

Beside the conclusion that “supply = demand”, the law of diminishing marginal returns (or the law of diminishing marginal product) is probably the most frequently cited concept from microeconomics. Suppose we keep everything constant, except for one single input factor, for instance L. If we increase the number of hours worked, we will probably produce more. The law of diminishing marginal returns states that the increase will eventually become smaller and smaller when the number of hours worked is large enough.

To use an example: Suppose you start a firm that produces photocopies. You buy a powerful copying machine and you are the only worker. Say that you work one hour per day. You probably will not be able to make many copies during that time. The machine needs fifteen minutes to warm up, you need to prepare things, etc. If you increase the number of hours worked by one hour, you will probably make more copies during the second hour than during the first. Consequently, the marginal product is higher during the second hour than during the first, and over that interval, we therefore have increasing marginal product.

However, if you continue to increase the number of hours, you will eventually not produce many more copies per additional hour. You will become too tired to work. The same thing will happen if you hire other people to work for you: eventually, additional hours or additional workers produce very little additional output. If you, for instance, hire several people, the space will become crowded and the workers will become less efficient.

This “law” is based on experience and speculation, but is not considered particularly controversial. We will use it when we construct the product curve.

# 微观经济学代写

## 经济代写|微观经济学代考Microeconomics代写|Average and Marginal Product

$\$ \$$left {$$
A P_L=\frac{q}{L} A P_K=\frac{q}{K}
$$\正确的。 Themarginalproduct, M P, ishowmuchextraquantitythatcanbeproducedifoneincreasestheamountofeitherlabororca) |左边 {$$
M P_L=\frac{\Delta q}{\Delta L} M P_K=\frac{\Delta q}{\Delta K}
$$\正确的。 \ \$$

## 经济代写|微观经济学代考Microeconomics代写|The Law of Diminishing Marginal Returns

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