EXPLORING ECON.-W/ACCESS (LL) >CUSTOM<
7th Edition
ISBN: 9781305757448
Author: Sexton
Publisher: CENGAGE C
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Question
Chapter 11, Problem 8P
To determine
(a)
The marginal product of seventh worker.
To determine
(b)
The point of onset of Law of Diminishing Marginal Product (MP).
To determine
(c)
Given the data on L, TP and MP, whether ninth worker should be employed or not.
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3
Producer Surplus, PS
$12
$11
S
Book
Print
rences
Legend
●Demand
● Supply
Price
$10
$9
$8
$7
$6
D
$5
0
1
2 3
4 5 6 7 8
00
Tons of Wheat (in thousands)
9 10
a. Indicate the consumer surplus if the market is in equilibrium.
Instructions: Use the tool provided "Consumer Surplus, CS" to shade in the consumer surplus area on the graph.
b. Indicate the producer surplus if the market is in equilibrium.
Instructions: Use the tool provided "Producer Surplus, PS" to shade in the producer surplus area on the graph.
Figure 4-4
PRICE
a
P
B
Q
a
QUANTITY
Supply
Refer to Figure 4-4. The movement from point A to point B on the graph is called
a decrease in supply.
an increase in supply.
an increase in the quantity supplied.
a decrease in the quantity supplied.
tv
all A
18
not use ai please
Chapter 11 Solutions
EXPLORING ECON.-W/ACCESS (LL) >CUSTOM<
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