Instructions: Move the slider at the bottom of the diagram to change the quantity of labor hired for both graphs and the table. Move the production slider to 6 units of labor. Suppose you had the information for the L=2 row and the L=6 row, but the row(s) in between them were missing and you didn't have any information in the Marginal Product column. If you wanted to estimate the marginal product, you might assume the marginal products of each of the 4 additional workers are equal. a. Estimate the marginal product of each additional worker if L were to increase from 2 to 6. b. Calculate the slope of the total production function between L=2 and L=6.
Instructions: Move the slider at the bottom of the diagram to change the quantity of labor hired for both graphs and the table. Move the production slider to 6 units of labor. Suppose you had the information for the L=2 row and the L=6 row, but the row(s) in between them were missing and you didn't have any information in the Marginal Product column. If you wanted to estimate the marginal product, you might assume the marginal products of each of the 4 additional workers are equal. a. Estimate the marginal product of each additional worker if L were to increase from 2 to 6. b. Calculate the slope of the total production function between L=2 and L=6.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
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Instructions: Move the slider at the bottom of the diagram to change the quantity of labor hired for both graphs and the table.
Move the production slider to 6 units of labor. Suppose you had the information for the L=2 row and the L=6 row, but the row(s) in between them were missing and you didn't have any information in the Marginal Product column. If you wanted to estimate the marginal product, you might assume the marginal products of each of the 4 additional workers are equal.
a. Estimate the marginal product of each additional worker if L were to increase from 2 to 6.
b. Calculate the slope of the total production function between L=2 and L=6.
![Total Product [Output]
70
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10
Marginal Product
20
TOTAL AND MARGINAL PRODUCT
0 1 2
0
-10
-20
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2
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3
4 5
4
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6
7
7
Reset
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Labor Input
8
Labor Input
PRODUCTIVITY CALCULATIONS
Labor
Input
0
Output
0
Marginal
Product](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7f5562d6-49ce-4c9c-a9b7-824e476f5d05%2F8264df93-012c-4654-9a28-a0b9842a76a8%2Fb5t07kn_processed.png&w=3840&q=75)
Transcribed Image Text:Total Product [Output]
70
60
50
40
30
20
10
10
Marginal Product
20
TOTAL AND MARGINAL PRODUCT
0 1 2
0
-10
-20
1
2
3
3
4 5
4
5
6
6
7
7
Reset
8
Labor Input
8
Labor Input
PRODUCTIVITY CALCULATIONS
Labor
Input
0
Output
0
Marginal
Product
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