Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (9th Edition) (Pearson Series in Economics)
9th Edition
ISBN: 9780134643175
Author: Robert Pindyck, Daniel Rubinfeld
Publisher: PEARSON
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Question
Chapter 6, Problem 2E
(a)
To determine
The marginal product and average product.
(b)
To determine
Diminishing returns to labor.
(c)
To determine
Negative marginal product of labor.
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Students have asked these similar questions
1. Suppose a chair manufacturer is producing in the short run (with its existing plant
and equipment). The manufacturer has observed the following levels of production
corresponding to different numbers of workers:
NUMBER OF WORKERS NUMBER OF CHAIRS
10
2
18
3.
24
4
28
5.
30
28
6.
7
25
a. Calculate the marginal and average product of labor for this production function.
b. Does this production function exhibit diminishing returns to labor?
c. Explain intuitively what might cause the marginal product of labor to become
negative.
Suppose a chair manufacturer maintains the existing plant and equipment. The
manufacturer has observed the following levels of production corresponding to different
numbers of workers:
Number of Workers
Number of Chairs
1
10
2
18
3
24
4
28
5
30
28
7
25
a. Calculate the average and marginal product of labor for this production function.
APL
MPL
-
1.
10
2
18
3
24
4
28
5
30
6
28
7
25
b. Does this production function exhibit diminishing returns to labor? Explain.
c. Explain intuitively what might cause the marginal product of labor to become negative.
What is a production function?
Response option group
It is the production technology
It is the relationship between inputs and the level of production
It is the average product
It is the marginal product
Chapter 6 Solutions
Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (9th Edition) (Pearson Series in Economics)
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