Homework Answers
1.
| QL | TP | AP | MP |
| 0 | 0 | --- | --- |
| 1 | 10 | 10 | 10 |
| 2 | 21 | 10.5 | 11 |
| 3 | 30 | 10 | 9 |
| 4 | 36 | 9 | 6 |
| 5 | 40 | 8 | 4 |
| 6 | 42 | 7 | 2 |
2.
Diminishing return sets in after 2nd worker.
3.
Marginal product of last worker = 2 units
4.
Average product of 3rd worker = 10 units
5.
Average product of 5th worker = 8 units
It is the marginal cost curve, above the level of the intersection with AVC curve, that represents the firm's supply curve.
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