Practice Question for Class 10: Intro to Producer Theory: For additional 2% on Final exam

Practice Question for Class 10: Intro to Producer Theory: For additional 2% on Final exam

Consider the following chart that shows workers hired (L) and their corresponding outputs (TPL)...

Labor (L)......................................Total Product of Labor (TPL) (units)

00

110

225

355

480

5100

Questions:

(a) Fil in the last two columns of the output chart(MPL and APL)

(b) For what worker hired does Diminishing Returns begin? Explain...

(c) How many workers should be hired to maximize productivity? Explain...