8. Construct the marginal product schedule from the following production function. LABOR TOTAL PRODUCT 1 3...

Question

Question

8. Construct the marginal product schedule from the following production function.

Answer 1

Answer #1

Marginal Product schedule can be developed as under:

Labor, L	Total Product, Q	Marginal Product of labor, MPL=Change in Q/Change in L
1	3	3
2	8	(8-3)/(2-1)=5
3	15	(15-8)/(3-2)=7
4	21	(21-15)/(4-3)=6
5	25	(25-21)/(5-4)=4
6	26	(26-25)/(6-5)=1
7	24	(24026)/(7-6)=-2

Answer 2

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