A custom motorcycle company can produce more motorcycles if it has more workers. The company has experimented with hiring workers in teams of four and has come up with the following table relating the number of workers to the companies annual production Part1. Using the straight line tool, graph the production function based on the information given. Construct the curve using four line segments joined end to end. Don it graph the individual points. Part 2. Give the numeric answers to tap decimals. A. The marginal product of each of the first four workers is ______ B. The marginal product of each of the second four workers is _______ C. Diminishing returns begin with the _______ worker.
A custom motorcycle company can produce more motorcycles if it has more workers. The company has experimented with hiring workers in teams of four and has come up with the following table relating the number of workers to the companies annual production Part1. Using the straight line tool, graph the production function based on the information given. Construct the curve using four line segments joined end to end. Don it graph the individual points. Part 2. Give the numeric answers to tap decimals. A. The marginal product of each of the first four workers is ______ B. The marginal product of each of the second four workers is _______ C. Diminishing returns begin with the _______ worker.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A custom motorcycle company can produce more motorcycles if it has more workers. The company has experimented with hiring workers in teams of four and has come up with the following table relating the number of workers to the companies annual production
Part1.
Using the straight line tool, graph the production function based on the information given. Construct the curve using four line segments joined end to end. Don it graph the individual points.
Part 2.
Give the numeric answers to tap decimals.
A. The marginal product of each of the first four workers is ______
B. The marginal product of each of the second four workers is _______
C. Diminishing returns begin with the _______ worker.
Transcribed Image Text:Annual output
32
30
26
24
20
18
16
12
10
00
8
CO
6
4
2
0
Number of workers
Transcribed Image Text:Number of workers
A
12
Number of motorcycles per year
0
16
21
23
Expert Solution
Step 1
Marginal product of labor (MPL) provides a detail on an increase in total output when company adds a single labor unit and production factors remains unchanged
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