ECON 1B03 Lecture 8: week 8-5

• School: McMaster University
• Department: Economics
• Course: ECON 1B03
• Professor: Holmes

Document Summary

Also related to production in the concept of. Ap tells us the quantity of output per input, in our case, jerry"s labour. Ap will also diminish at some point. When graphing, mp, we are going from one level of labour to another, so we plot the points in between the labour axis. When we graph, ap, the points correspond exactly to the labour-axis values. Most mp and ap curves are smooth, not these like these rugged bitches. Whenever mp > ap, ap must be increasing.