Question
Production Simulation. Data for Questions 1 are as follows: Hours of Lab. Total Output Marginal Prod 0 1 100 ----? 2 _____? 125 3 375
Production Simulation. Data for Questions 1 are as follows:
Hours of Lab. | Total Output | Marginal Prod |
0 | ||
1 | 100 | ----? |
2 | _____? | 125 |
3 | 375 | ----? |
4 | -----? | 150 |
5 | 625 | -----? |
_ |
INSTRUCTIONS: Fill in the blanks "------ ?" above first in a worksheet.
(a) What is the total output when 4 hours of labor are employed?
(b) What is the marginal product of the fifth hour of labor?
(c) What is the average product of the first three hours of labor?
(d) From what labor hour does diminishing return sets in?
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Cambridge International AS And A Level Economics Coursebook
Authors: Colin Bamford, Susan Grant
3rd Edition
1107679516, 978-1107679511
