Question: Please answer both questions. (1) is worth 6 points. (2) is worth 4 points. 1. A sweatshirt Factory has the following short-run production function: A.
Please answer both questions. (1) is worth 6 points. (2) is worth 4 points. 1. A sweatshirt Factory has the following short-run production function: A. What is the marginal product of the 3rd worker hired? B. At which worker hired does the law of diminishing retums first become evident? C. What is a production function? 2. Why does marginal product decline at a fast-food outlet like McDonalds when more employees are hired? What are the fixed input constraints that limited added worker's productivity after a certain point
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