Suppose Noble's production function (see Problem 7) is as follows:
Q = 7V - 0.5V2
where Q is the number of widgets produced per day and Vis the number of production workers working an 8-hour day.
a. Develop a production schedule with Vequaling 1 to 10.
b. Calculate average and marginal products.
c. Draw a graph.
d. Discuss the difference between the form of the production function in this problem and the form in Problem 7. Discuss, among other things, the implications for the three stages of production.