Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's production function: Labor Output (Number of workers) (Shovels) 90 175 3. 245 300 325 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. (? 400 360 Production Function 320 280 240 200 160 120 80 40 2. LABOR (Number of workers) Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circle symbol). Note: Remember to plot each point halfway between two integers. For example, when the number of workers increases from 0 to 1, the MPL of first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect t points. OUTPUT (Shovels)
Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's production function: Labor Output (Number of workers) (Shovels) 90 175 3. 245 300 325 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. (? 400 360 Production Function 320 280 240 200 160 120 80 40 2. LABOR (Number of workers) Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circle symbol). Note: Remember to plot each point halfway between two integers. For example, when the number of workers increases from 0 to 1, the MPL of first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect t points. OUTPUT (Shovels)
Chapter7: Production And Cost In The Firm
Section: Chapter Questions
Problem 3.7P
Related questions
Question
Transcribed Image Text:Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circle
symbol).
Note: Remember to plot each point halfway between two integers. For example, when the number of workers increases from 0 to 1, the MPL of the
first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the
points.
100
MPL
80
30
20
10
21
3.
4.
LABOR (Number of workers)
The following graph shows the demand for labor for three different prices per shovel:
200
180
M.
160
140
120
100
40
20
LABOR (Number of workers)
Given the company's marginal product of labor curve shown on the second graph, line
on this graph shows Gopher's demand for labor when the
price of a shovel is $1.50, and line
v shows Gopher's demand for labor when the price of a shovel is $2.00.
MPL (Shovels per worker)
WAGE (Dollars per worker)
Transcribed Image Text:1. Computing labor productivity and its relationship to the demand for labor
Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's
production function:
Labor
Output
(Number of workers)
(Shovels)
1
90
175.
245
4
300
325
Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph.
?)
400
360
Production Function
320
280
240
200
160
120
80
1
3.
4
5.
LABOR (Number of workers)
Calculate
marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circle
symbol).
Note: Remember to plot each point halfway between two integers. For example, when the number of workers increases from 0 to 1, the MPL of the
first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the
points.
OUTPUT (Shovels)
40
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