Graphically illustrate her total, marginal and average product curves as well as her marginal and average variable cost curves. show where the inflection point lies, where production is maximized and what number of workers corresponds to the highest average and marginal product as well as the lowest average variable and marginal cost. tpl - total product labormpl - marginal product laborapl - average product laborfc - fixed costvc - variable costtc - total costafc - average fixed costavc - average variable costatc - average total costmc - marginal cost

Inflection point occurs where increasing total product curve intersects 45 degree line

Explanation:

he marginal product of a factor will change at different levels of employment of the factor. It has been found that marginal product of a factor rises in the beginning and then ultimately falls as more of it is used for production, other factors remaining the same.

That is why in Fig. 16.2 mar­ginal product (MP) of labour as measured by the slopes of the tangents drawn to the total product curve TP at various points has been shown to be rising in the beginning and then diminishing till it becomes zero at the maximum point G of the total product curve.

Thereafter, the marginal product of labour becomes negative. The relationship between average product and marginal product and how both of them are related to the total product will be explained in detail in our analysis of the law of variable proportions.

the same rule for profit maximisation still applies. The firm maximises profit where MR=MC (at Q1).

For a firm in perfect competition, demand is perfectly elastic, therefore MR=AR=D.

This gives a firm normal profit because at Q1, AR=AC.

All the graphs are attached in picture form with the answer

answermeasured by how well she or he does the job'; /

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.