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8. Suppose Noble's production function (see Problem 7) is as follows: Q : 7V 0.5V2 where Q is the number of widgets produced per day
8. Suppose Noble's production function (see Problem 7) is as follows: Q : 7V 0.5V2 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. 0. Draw a graph. d. Discuss the difference between the form of the production function in this problem and the form in Problem ?. Discuss, among other things, the implications for the three stages of production. 7'. The Noble Widget Corporation produces just one product, widgets. The company's new economist has calculated a short-run production function as follows: Q : 71/ + 0.51/2 0.11/3 where Q is the number of widgets produced per day and V is the number of production workers working an 8hour day. a. Develop a production schedule with V equaling 1 to 10. b. Calculate average and marginal products. 0. Draw a graph
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