Refer to the following table: L= Labor and Q = Output (or Total Product) L 0...
Refer to the following table: L= Labor and Q = Output (or Total Product)
L 0 1 2 3 4 5
Q 0 10 20 30 40 50
Suppose output varies, ceteris paribus, with labor input in the manner displayed in the table above. After how many units of labor do diminishing returns set in?
A. 3
b. 5
c. They do not set in.
d. 4
Homework Answers
Ans. c. They do not set in.
| Labor (L) | Total Product or Output (Q) | Marginal Product (MP) |
| 0 | 0 | --- |
| 1 | 10 | 10 |
| 2 | 20 | 10 |
| 3 | 30 | 10 |
| 4 | 40 | 10 |
| 5 | 50 | 10 |
Working Note:
1) Marginal Product = change in Q/change in L
There is a constant marginal returns sets in with each additional unit of labor uses in the production process.
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