Question: Suppose that you estimated a production function for various professional tennis players. The measure of output is the percentage of matches played by a player

Suppose that you estimated a production function for various professional tennis players. The measure of output is the percentage of matches played by a player that are won by the player. Inputs include the average number of hours per week spent practicing tennis. Suppose that your results indicate that the marginal product associated with practice time is 0.07 for Anna Kournikova, 0.09 for Venus Williams, and 0.16 for Maria Sharapova. If the law of diminishing marginal returns holds, which of the three players has spent the most time practicing?

Step by Step Solution

3.41 Rating (157 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

We cannot tell without more information If practice time is the onl... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

351-B-E-M-E (2336).docx

120 KBs Word File

Students Have Also Explored These Related Economics Questions!