Question

3 Track 8, a local microbrewery, hires an economist to analyze its short run production. However, the economist samples too much of the company's product, and is fired in the process. Unfortunately, much of the production data is missing, as evidenced in the table below. Believing that college students never consume alcoholic beverages, the company decides to hire you to complete the missing portions of the table. A. Complete the missing portions of the production table below Quantity of Quantity of Marginal Product Average Product of Total Product of LaborCapitalof Labor 2 Labor Labor End 50 PgUp 45 120 12 B. Even an inebriated economist knows, from the standpoint of profit maximization, the brewery should never hire 5 workers. Carefully explain why utilizing the concept of efficiency

Answer 1

buuuuuon tapie below Quantity of Quantity of Marginal Product Average Product of Total Product of of Labor Labor Labor 50 50 50 45 40 132 - 12 4 120

The total product of labour= $Averge product labour \times quantity of labour$

Average product of labour= $Total product of labour\setminus quantity of labour$