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The firm's demand for a resource and marginal revenue product Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive
The firm's demand for a resource and marginal revenue product Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's production function: Labor Output (Number of workers) (Shovels) 0 0 1 100 2 195 3 275 4 340 5 380 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. Production Function 0 1 2 3 4 5 400 360 320 280 240 200 160 120 80 40 0 OUTPUT (Shovels) LABOR (Number of workers) Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circle symbol). Note: Remember to plot each point halfway between two integers. For example, when the number of workers increases from 0 to 1, the MPL of the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points. MPL 0 1 2 3 4 5 100 90 80 70 60 50 40 30 20 10 0 MPL (Shovels per worker) LABOR (Number of workers) 4.5, 100
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