Question
1.) Calculate MPL and APL for a TPL of 40, 100, 150, 180, 200, 210, 210, and 200 for the first eight workers hired. 2.)
1.) Calculate MPL and APL for a TPL of 40, 100, 150, 180, 200, 210, 210, and 200 for the first eight workers hired.
2.) Reproduce the table or fill in the blanks for A - L this table. (Note that it doesn't make sense to talk about MPL and APL before L = 1!)
Trucks Labor
2 0 2 1 2 2 2 3 2 4 2 5 2 6
Output APL MPL
0 -- -- 75 A B C 100 D E F 100 380 G H
I J 50 K 75 L
3.) Unrelated to question #2, assume the total product curve is a straight line through the originand then draw the average product and marginal product curves.
4.) Draw the total, marginal, and average product curves when diminishing marginal returns start with the very first unit of labor employedi.e., when MPL declines from the beginning?
5.) Should a firm be more concerned with the average or the marginal product of a new hire? Why?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started