Homework Answers
Answer
marginal product of n th worker =total output of n workers - total
output of n-1 workers
MP(n)=TP(n)-TP(n-1)
MP(1)=100-0=100
MP(2)=300-100=200
MP(3)=450-300=150
MP(4)=550-450=100
MP(5)=600-550=50
=======
the MP decreases from 3rd to 4th worker so the production function
exhibits diminishing or decreasing return to scale.
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The table below describes the production function of a small cookie producer relating the quantity of...
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function? How can you tell?
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Suppose that Hawg Wild currently employs 5 units of...
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9. Meadows Cookie Company makes a variety of cookies. Based on the orders received and forecasts of buying habits, it is estimated that the demands for the next four months are 850, 1260, 510 and 980 in thousands of cookies. During a 46-day period when there were 120 workers, the company produced 1.7 million cookies. Assume that the number of working days over the four months are respectively 26, 24, 20, and 16. There are currently 100 workers employed, and...
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Wild, a small catering company specializing in barbecued
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Is this production function a short-run or long-run production
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