Question
TABLE A The following is a hypothetical short-run production function CAPITAL LABOR HOURS TOTAL PRODUCT MARGINAL PRODUCT 5 0 ____? _____? 5 1 100 100
TABLE A
The following is a hypothetical short-run production function
CAPITAL
LABOR HOURS
TOTAL PRODUCT
MARGINAL PRODUCT
5
0
____?
_____?
5
1
100
100
5
2
_____?
120
5
3
330
____?
5
4
_____?
100
From the above table give answers to the following (10% each):
a..After filling in the (___?) above, the total product with 4 hours of labor is: _____
b..From what amount of labor hours does diminishing return sets in?______
c..Define and explain what you answer to "b" implies: .............................................
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Government and Not-for-Profit Accounting Concepts and Practices
Authors: Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese, Daniel L. Smith
8th edition
1119495814, 1119495857, 1119495819, 9781119495819 , 978-1119495857
