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(Shovels)(Number of workers)0011002195327543405380Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph.(?)400O-O-360Production Function32028024020016012080400O02 25LABOR (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 (circlesymbol).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 thefirst worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect thepoints.?1009080706050403020OUTPUT (Shovels)MPL (Shovels per worker)1000O112LABOR (Number of workers)4OMPL The following graph shows the demand for labor for three different prices per shovel:1501351201059075604530150WAGE (Dollars per worker)DoOZOONM0100O040235LABOR (Number of workers)Given the company's marginal product of labor curve shown on the second graph, linewhen the price of a shovel is $1.00, and lineOon this graph shows Gopher's demand for laborshows Gopher's demand for labor when the price of a shovel is $1.50.

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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(Shovels)(Number of workers)0011002195327543405380Use the blue points (circle

A good's price flexibility of demand is a proportion of how delicate the quantity demamded is to its…

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ot the production function for Gopher Excavators on the following graph. Production Function MOL O 3 of workers)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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