CHECKPOINT 12.2 Short-Run Production 2. Lisa has a lawn-mowing business. Lisa hires Total product ¡ (students per day)lawns cut per da Labor students to mow the lawns. The table sets out Lisa's total...

CHECKPOINT 12.2 Short-Run Production 2. Lisa has a lawn-mowing business. Lisa hires Total product ¡ (students per day)lawns cut per da Labor students to mow the lawns. The table sets out Lisa's total product schedule 2a. Calculate the marginal product of the fourth 20 student. 70 94 114 120 2b. Calculate the average product of four 4 students. 2c. Over what numbers of students does marginal product decrease? 2d. When marginal product decreases, compare average product and marginal product. 3. Create some hypothetical short-run production data for a firm's labor employment and output. Calculate the firm's average product and marginal product schedule. Carefully graph the data. What happens at the minimum of the average product curve