Please Solve all the question 1. Assume that Ms. Desdimona, the owner, and manager of the Fine Duplicating Servicelocated near your university and she is seeking to fill a vacant position. Should she be moreconcerned with the average product of labor or the marginal product of labor for the lastperson hired? If she observes that average product is just beginning to decline, should shehire any more workers? She estimates that the additional workers would generate thefollowing output. What does this situation imply about the marginal product of your lastworker hired? State how the law of diminishing returns is reflected in the shape of the totalproduct curve and indicate the relationship between diminishing marginal return and thestages of the production. How would you determine the various stages of production fromthis table? Explain intuitively what might cause the marginal product of labor to benegative.Workers Hired14578Total Product (Q)12223036404037326,3.2.

The total product is the total quantity of output produced by using all the inputs and resources.…

1. Assume that Ms. Desdimona, the owner, and manager of the Fine Duplicating Service located near your university and she is seeking to fill a vacant position. Should she be more concerned with the average product of labor or the marginal product of labor for the last person hired? If she observes that average product is just beginning to decline, should she

1. Assume that Ms. Desdimona, the owner, and manager of the Fine Duplicating Service located near your university and she is seeking to fill a vacant position. Should she be more concerned with the average product of labor or the marginal product of labor for the last person hired? If she observes that average product is just beginning to decline, should she

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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