2.6 The following table represents data for Sally's Salon. Draw a graph showing the total product, marginal prod- uct of labor, and average product of labor. Identify where increasing returns, diminishing returns, and negative returns set in on the total product curve. Labor Units Total Product Marginal Average (Haircuts Product Product (Employees) 0 Per Day) of Labor of Labor 0 10 1234567890 7 7 7.00 17 10 8.50 31 14 10.33 44 13 11.00 55 11 11.00 64 9 10.67 69 69 65 59 5076 9.86 8.63 7.22 -6 5.90
2.6 The following table represents data for Sally's Salon. Draw a graph showing the total product, marginal prod- uct of labor, and average product of labor. Identify where increasing returns, diminishing returns, and negative returns set in on the total product curve. Labor Units Total Product Marginal Average (Haircuts Product Product (Employees) 0 Per Day) of Labor of Labor 0 10 1234567890 7 7 7.00 17 10 8.50 31 14 10.33 44 13 11.00 55 11 11.00 64 9 10.67 69 69 65 59 5076 9.86 8.63 7.22 -6 5.90
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 8P
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