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ON 1 [10 Points The production technology for a firm can be characterized as follow: Each additional worker produces two extra units of output until

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ON 1 [10 Points The production technology for a firm can be characterized as follow: Each additional worker produces two extra units of output until the first three units are produced. After the third unit is produced, each additional worker produces one extra unit of output. What are the total product of labor, average product of labor and marginal product of labor for the first five units of production associated with this production function? (Provide the definition and formula to calculate each concept (TP, AP and MP) and complete the table). Number of Workers (L) TPL MPI APL 0 2 W U QUESTION 2 [15 Points] a) What is the difference between diminishing marginal returns and diseconomies of scale? [6 Points]

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