Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company'sproduction function:LaborOutput(Number of workers) (Shovels)1802150321042505270Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph.300270240Production Function210180150120906030LABOR (Number of workers)OUTPUT (Shovels) Calculate the marginal product of labor (MPL) of cach warker, and then plot the MPL curve on the fallowing graph using the biue points (dirclesymbol).Note: Remember to plot each point halfway between two integers. For exampie, when the number of workers increases from O to 1, the MPL of thefirst worker should be plotted with a horizontal coordinate of 0.5, the value halfway between O and 1. Line segments will automatically connect thepoints,100MPL2010LABOR (Number of worar)The following graph shows the demand for labor for three different prices per shovel:20010010014012010020LABOR (Number of workars)Given the company's marginal product of labor curve shown on the second graph, line v on this graph shows Gopher's demand for labor when theprice of a shovel is $1.50, and linev shows Gopher's demand for labor when the price of a shovel is $2.00.Oz(auon d ngl aoYMMPL (Shovets par workar)

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Description: Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company'sproduction function:LaborOutput(Number of workers) (Shovels)1802150321042505270Use the blue points (circle sy

Marginal Product Line (MPL) Labor Output MPL 0 0 ------ 1 80 80 2 150 70 3 210 60 4 250 40 5 270 20* Given the company's marginal product line (MPL) curve shown in the 2nd graph line M on this graph shows Gophers demand for labor when the price of Shovel is $1.50 and line N. Shows Gopher demand for labor when the price of Shovel is $2.

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Labor Output Number of workers) (Shovels) 80 2 150 3 210 4 250 270 e blue points (circle symbal) to plot the production function for Gopher Excavators on the following graph. Production Funation

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2 true or false The closer an isoquant is to a straight line, the closer the inputs are to being perfect complements
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