Question
Input of Labor total product of berries average physical prodcut marginal physical product 0 0 --------------------------- 1 4 4.00 4 2 12 *** 8 3
Input of Labor | total product of berries | average physical prodcut | marginal physical product |
0 | 0 | --------------------------- | |
1 | 4 | 4.00 | 4 |
2 | 12 | *** | 8 |
3 | 20 | 6.67 | 8 |
4 | 27 | 6.75 | ***** |
5 | ** | 6.40 | 5 |
6 | 35 | 5.83 | 3 |
7 | 31 | ** | ***** |
****** | 24 | 3.00 | -7 |
The table above is a production function for berries. replace the asterisks with the correct values. WHen you are finished, graph the total product and the marginal product. Make sure to use a separate graph for each. Be sure to label all axes with the correct units.
PART TWO
Which production function(s) exhibit diminishing marginal returns? Briefly explain your answer
Which production function(s) exhibit constant marginal returns? Briefly explain your answer
Which production function(s) exhibit increasing marginal returns? Briefly explain your answer
Which production function(s) exhibit negative marginal returns? Briefly explain your answer
Labor | Q(A) | Q(B) | Q(C) | Q(D) |
|
0 | 22 | 0 | 0 | 0 |
|
1 | 20 | 5 | 6 | 7 |
|
2 | 18 | 11 | 14 | 14 |
|
3 | 16 | 18 | 20 | 21 |
|
4 | 14 | 26 | 24 | 28 |
|
5 | 12 | 35 | 27 | 35 |
|
6 | 10 | 45 | 28 | 42 |
|
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