Question: A firm uses one variable input, labor, and one fixed input, capital. Its short-run production function for the firm, which produces knowledgium, is shown below.

A firm uses one variable input, labor, and one fixed input, capital. Its short-run production function for the firm, which produces knowledgium, is shown below.

Quantity of Labor Total Product
0 0
1 4
2 10
3 20
4 28
5 34
6 36

Production Review

(e) The rent for the knowledgium factory increases. Illustrate the effect of this change on your graph from part (d).

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