Question

3. The firm's demand for a resource and marginal revenue product Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's production function: Labor Output (Shovels) (Number of workers) 0 0 1 90 2 175 3 245 4 300 5 325 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph.

3. The firm's demand for a resource and marginal revenue product

Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's production function:

Labor	Output
(Number of workers)	(Shovels)
0	0
1	90
2	175
3	245
4	300
5	325

Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph.

Production Function01234540036032028024020016012080400OUTPUT (Shovels)LABOR (Number of workers)

Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circle symbol).

Note: Remember to plot each point halfway between two integers. For example, when the number of workers increases from 0 to 1, the MPL of the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points.

MPL0123451009080706050403020100MPL (Shovels per worker)LABOR (Number of workers)

The following graph shows the demand for labor for three different prices per shovel:

0123453002702402101801501209060300WAGE (Dollars per worker)LABOR (Number of workers)MNO

Given the company’s marginal product of labor curve shown on the initial graph, line   on the previous graph shows Gopher's demand for labor when the price of a shovel is $1.00, and line   shows Gopher's demand for labor when the price of a shovel is $2.00.

Answer 1

9. NO Date MR ih 90 -TPP 320 (had pune) labor Output 0 90 2 175 3245 니 300 5 325 70 240 160 80 45 labor th too 10-5,90) 80 60 to v tus ampu labor 2 3 line m line when price al when N prin 2