TOTAL AND MARGINAL PRODUCTTotal Product [Output]706050403020100Marginal Product20100-10-201Labor Input12223344556677Reset8Labor Input8Labor InputPRODUCTIVITY CALCULATIONSLaborInput0Output0MarginalProductInstructions: 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 4 units of labor. Suppose you had the information for the L=1 row and the L-4 row, but the row(s) inbetween them were missing and you didn't have any information in the Marginal Product column. If you wanted to estimate themarginal product, you might assume the marginal products of each of the 3 additional workers are equal.a. Estimate the marginal product of each additional worker if L were to increase from 1 to 4.b. Calculate the slope of the total production function between L-1 and L=4.L

Here we have to calculate the marginal product of labor and slope of the production Function:The…

TOTAL AND MARGINAL PRODUCT Total Product [Output] 70 60 50 40 30 20 10 0 Marginal Product 20 10 0 -10 -20 Labor Input 1 0 1 2 2 2 3 3 4 4 5 6 6 7 7 Reset 8 Labor Input 8 Labor Input PRODUCTIVITY CALCULATIONS Labor Input 0 Output 0 Marginal Product

TOTAL AND MARGINAL PRODUCT Total Product [Output] 70 60 50 40 30 20 10 0 Marginal Product 20 10 0 -10 -20 Labor Input 1 0 1 2 2 2 3 3 4 4 5 6 6 7 7 Reset 8 Labor Input 8 Labor Input PRODUCTIVITY CALCULATIONS Labor Input 0 Output 0 Marginal Product

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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Question

TOTAL AND MARGINAL PRODUCT
Total Product [Output]
70
60
50
40
30
20
10
0
Marginal Product
20
10
0
-10
-20
1
Labor Input
1
2
2
2
3
3
4
4
5
5
6
6
7
7
Reset
8
Labor Input
8
Labor Input
PRODUCTIVITY CALCULATIONS
Labor
Input
0
Output
0
Marginal
Product
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 4 units of labor. Suppose you had the information for the L=1 row and the L-4 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 3 additional workers are equal.
a. Estimate the marginal product of each additional worker if L were to increase from 1 to 4.
b. Calculate the slope of the total production function between L-1 and L=4.
L

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1 2 WN 3 4 5 6 7 8 9 WN=86 10 11 12 A B Capital (K) 1 1 1 1 1 1 1 1 1 1 с Labor (L) 1 AWNP 2 3 4 5 6 7 8 9 10 Total Product (TP) 10 Average Product (AP) 10 12.33 12.25 == 10.67 9.57 8.38 5.8 22 37 58 64 67 E 64 F Marginal Product (MP) 10 12 12 9 3 -3 -6 G 13 14 a. Complete the table above (SHOW FORMULAS USING EXCEL) 15 b. Create the graph of Total Product, Average Product, and Marginal Product as a function of Labor (SHOW STEP BY STEP PROCESS USING EXCEL) 16
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12
please computation for the following production function. found in table 13 show computation for each row.
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