Question: If each extra worker produces an extra unit of output
If each extra worker produces an extra unit of output, how do the total product of labor, average product of labor, and marginal product of labor vary with labor? Plot these curves in a graph similar to figure.
Answer to relevant QuestionsEach extra worker produces an extra unit of out-put up to six workers. As more workers are added, no additional output is produced. Draw the total product of labor, average product of labor, and marginal product of labor ...The production function at Ginko’s Copy Shop is q = 1,000 × min( L, 3K), where q is the number of copies per hour, L is the number of workers, and K is the number of copy machines. As an example, if L = 4 and K = 1, then ...Is it possible that a firm’s production function exhibits increasing returns to scale while exhibiting diminishing marginal productivity of each of its inputs? To answer this question, calculate the marginal productivities ...A firm purchased copper pipes a few years ago at $ 10 per pipe and stored them, using them only as the need arises. The firm could sell its remaining pipes in the market at the current price of $ 9. What is the opportunity ...The invention of a new machine serves as a mobile station for receiving and accumulating packed flats of strawberries close to where they are picked, reducing workers’ time and burden of carrying full flats of ...
Post your question