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Problem 05-04 Given the following production function for the mythical Tight Jeans Corporation, calculate the marginal physical product, graph the production function and marginal physical
Problem 05-04 Given the following production function for the mythical Tight Jeans Corporation, calculate the marginal physical product, graph the production function and marginal physical product on two separate graphs, then answer three questions about marginal productivity. Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. Calculate the marginal physical product. Short-Run Production Function Labor input (workers per day) 0 1 2 3 4 5 6 7 8 Output (pairs of jeans per day) 0 10 36 56 68 74 76 76 74 Marginal physical product b. Graph the production function. Instructions: Use the tool provided 'PF' to plot the line point by point (plot 9 points total). Production Function c. Illustrate marginal physical product (MPP). Instructions: Use the tool provided 'MPP' to plot the line point by point (plot 8 points total). i Marginal Physical Product 30 Tools 25 MPP 20 15 Quantity of Output (pairs per day) 10 O -5 O 0 1 2 3 4 5 6 7 8 9 Labor Input (workers per day) b. Graph the production function. Instructions: Use the tool provided 'PF' to plot the line point by point (plot 9 points total). Production Function 80 Tools 70 PF 60 50 Quantity of Output (pairs per day) 40 30 20 10 0 1 2 3 4 5 6 7 8 Labor Input (workers per day)
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