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\(\begin{array}{c|c} \text{Units of labour} & \text{Fixed capital} & \text{Total product} & \text{Average product} & \text{Marginal...

Economics
JAMB 2015
\(\begin{array}{c|c}
\text{Units of labour} & \text{Fixed capital} & \text{Total product} & \text{Average product} & \text{Marginal product} \\
\hline
0 & 10 & - & - & - \\
\hline
1 & 10 & 10 & 10 & 10 \\
\hline
2 & 10 & 25 & ? & 15 \\
\hline
3 & 10 & 50 & 16.7 & 25 \\
\hline
4 & 10 & 80 & 20.0 & 30 \\
\hline
5 & 10 & 106 & 21.2 & 26 \\
\end{array}\)

Calculate the average product when the 2nd labour was employed 12.5
  • A. 12.5
  • B. 12
  • C. 15
  • D. 10
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Correct Answer: Option A
Explanation
Average Product = total product ÷ Labour Employed
TPL/1 = 25/2= 12.5
Average product = 12.5
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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts