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Ethanol has become one of the most important alternative fuels of the world. It is produced mainly from grains and provides energy efficiency and independence.
Ethanol has become one of the most important alternative fuels of the world. It is produced mainly from grains and provides energy efficiency and independence. Assume that a small ethanol plant from Illinois recorded good production over the past year. During the year, the plant's fixed and variable capital remained at the same level. Assuming that the only variable factor of production of the plant is labor
A)In the short run, what is the marginal product of each new worker?
B)In the long run, will the outcome be different? Explain your answer.
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