Question
Consider the production data below from the Kooper Corporation on steel production from 2008-2016, for their second shift of workers. Number of workers per shift
Consider the production data below from the Kooper Corporation on steel production from 2008-2016, for their second shift of workers.
Number of workers per shift | Unit of output (in 100s) |
1 | 18 |
2 | 39 |
3 | 64 |
4 | 86 |
5 | 101 |
6 | 111 |
7 | 116 |
8 | 116 |
9 | 106 |
1. In a clearly and accurately labeled table, which will be known as Table 9, "Calculations for MP and ap," created using Excel, calculate themarginalproduct(MP)andaverage product(AP)based on the data provided. Show all work.
2. In a clearly and accurately labeled line graph, which will be known as Graph 11, entitled "Production data for Kooper," created using Excel,plotthetotalproduct(TP),marginalproduct (MP),andaverage product(AP)curves based on that data.
3. Referencing onlyyourTPandMPcurves,identify exactly wherethelawofdiminishingreturnshassetin and state exactly how we would recognize it on each of the curves you have constructed.
4. ReferencingonlyyourTPandMPcurves,identify exactly wherenegativereturns havesetandexactly howwe would recognize that on each of the curves you have constructed.
5. Referencingallyourconstructedcurves,identify exactly wherelaborproductivityhasbeenmaximized, and exactly which curve you have created most clearly illustrates this.
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