i. How does the producer attain equilibriumunder the iso-quant approach?ii. The data about the average productivity ofeach worker in a partnership business foreach number of workers are given in the tablebelow.Number Averageof workers productivityProductProduct1Total Marginal27101110Complete the table byа.calculating the Total Product of Labor(total output of the firm) and MarginalProduct of Labor corresponding toeach number of workers.b.At which worker does the Lawof Diminishing Marginal Returns startworking? How do you know?C.Based on the values of theabove table and your understanding,explain why every firm, as it hires morepeople in an attempt to increase itsoutput, will sooner or later hit therange of diminishing marginal returns.d.looked at the table, he said to his otherpartner: "Hiring 5th and 6th personmakes no sense!" Do you agree?Explain.When one of the partners

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i. How does the producer attain equilibrium under the iso-quant approach?

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Question

i. How does the producer attain equilibrium
under the iso-quant approach?
ii. The data about the average productivity of
each worker in a partnership business for
each number of workers are given in the table
below.
Number Average
of workers productivityProductProduct
1
Total Marginal
2
7
10
11
10
Complete the table by
а.
calculating the Total Product of Labor
(total output of the firm) and Marginal
Product of Labor corresponding to
each number of workers.
b.
At which worker does the Law
of Diminishing Marginal Returns start
working? How do you know?
C.
Based on the values of the
above table and your understanding,
explain why every firm, as it hires more
people in an attempt to increase its
output, will sooner or later hit the
range of diminishing marginal returns.
d.
looked at the table, he said to his other
partner: "Hiring 5th and 6th person
makes no sense!" Do you agree?
Explain.
When one of the partners

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