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

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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 5 5 6 6 7 7 8 Labor Input 8 Reset Labor Input 8 EEPRODUCTIVITY CALCULATIONS Labor Input 0 Output 0 Marginal Product structions: Move the slider at the bottom of the diagram to change the quantity of labor hired for both graphs and the table. ) What is the marginal product of the third worker? ) What is the marginal product of the fifth worker? c) If units of output are sold for $0.80 each, how much revenue does the firm gain by selling the additional units attributed to the 3rd worker? $ How much revenue does the firm gain by selling the additional output from the fifth worker? $
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Please see attachment and table given in it .n solve part b asap within 40min. Will give you multiple upvotes only for the correct answer. Thank you