Instructions: Click the buttons above the graphing window to show either production functions or cost functions. Type in values for Fixed Costs or Wage Rate (the cost per worker). Move the Productivity Index right to see the effect of increasing productivity by up to 25%. The table and graphs will update as Settings are changed. Choose any value for Fixed Costs and Wage Rate. Slowly move the Productivity Index slider right and then left again. Observe the changes in the table and the graph to answer the following questions: a. By how much does the output from four workers increase when productivity increases by 25% (the index moves from 0% to 25%)? units b. By how much does the output from five workers increase when productivity increases by 25% (the index moves from 0% to 25%)? units C. How is this increase shown on the production function graph (top graph)? (Click to select) d. By how much does the marginal product of the fifth worker increase when productivity increases by 25%?

Instructions: Click the buttons above the graphing window to show either production functions or cost functions. Type in values for Fixed Costs or Wage Rate (the cost per worker). Move the Productivity Index right to see the effect of increasing productivity by up to 25%. The table and graphs will update as Settings are changed. Choose any value for Fixed Costs and Wage Rate. Slowly move the Productivity Index slider right and then left again. Observe the changes in the table and the graph to answer the following questions: a. By how much does the output from four workers increase when productivity increases by 25% (the index moves from 0% to 25%)? units b. By how much does the output from five workers increase when productivity increases by 25% (the index moves from 0% to 25%)? units C. How is this increase shown on the production function graph (top graph)? (Click to select) d. By how much does the marginal product of the fifth worker increase when productivity increases by 25%?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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