Suppose Nobles production function (see Problem 3) is as follows: Q 5 7V 2 0.5V 2 where

Question:

Suppose Noble’s production function (see Problem 3) is as follows:

Q 5 7V 2 0.5V 2 where Q is the number of widgets produced per day and V is the number of production workers working an 8-hour day.

a. Develop a production schedule with V equaling 1 to 10.

b. Calculate average and marginal products.

c. Draw a graph.

d. Discuss the difference between the form of the production function in this problem and the form in Problem

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