Based on the table below answer the following questions ( a) are diminishing marginal returns of capital happening at a level of labour of 30 workers? (Please explain/ demonstrate it) b) Are diminishing marginal returns of labour happening for plant 2? (Please explain/ demonstrate it) Please answer a) and b) separately Labour Output (rides per day) (workers per day) Plant 1 Plant 2 Plant 3 Plant 4 Answer: 10 20 40 55 65 20 40 60 75 85 30 65 75 90 100 40 75 85 100 110 Canoes 10 20 30 40

Based on the table below answer the following questions ( a) are diminishing marginal returns of capital happening at a level of labour of 30 workers? (Please explain/ demonstrate it) b) Are diminishing marginal returns of labour happening for plant 2? (Please explain/ demonstrate it) Please answer a) and b) separately Labour Output (rides per day) (workers per day) Plant 1 Plant 2 Plant 3 Plant 4 Answer: 10 20 40 55 65 20 40 60 75 85 30 65 75 90 100 40 75 85 100 110 Canoes 10 20 30 40

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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