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Assume that the quantity of land is fixed and the quality of the land is the same for all farmers. Assume that there are 600
Assume that the quantity of land is fixed and the quality of the land is the same for all farmers. Assume that there are 600 farms worked and each farm is worked by a single farmer. Total annual production of grain is 450,000 kg. The next generation of farmers doubles the number of farmers to 1,200 and total grain production goes up to 525,000 kg. 20 years after this there are 1,700 farmers and total grain production is 600,000 kg. Calculate the average product of labor for each generation of farmers. Show the results of your calculations. Is there evidence of diminishing average product of labor in your results
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