Complete this assignment by filling in the table and answering each question in
ID: 1130986 • Letter: C
Question
Complete this assignment by filling in the table and answering each question in the document below.
1) Use the chart below to calculate marginal product.
Labor Input
Total Product
Marginal Product
0
0
0
1
10
10
2
26
16
3
48
22
4
71
23
5
86
15
6
96
10
7
95
-1
8
90
-5
2) Use the chart above to determine the labor input when diminishing returns to an input sets in. Explain your answer.
3) Use the chart above to determine the labor input when negative returns to an input sets in. Explain your answer.
4) In which time horizon, the long run or the short run can a firm adjust the quantity of any input type?
5) What is the difference between total product and marginal product?
Labor Input
Total Product
Marginal Product
0
0
0
1
10
10
2
26
16
3
48
22
4
71
23
5
86
15
6
96
10
7
95
-1
8
90
-5
Explanation / Answer
Increasing Return to a labor: Increase in the marginal product of labor as we increase the number of labor employed in the short, keeping all other factors constant.In the above table, from labor 0 to labor 4, the firm has an increasing return to labor.
(2) Decreasing return to input set (labor)
Decreasing Return to labor: Decrease in the marginal product of labor as we increase the number of labor employed in the short run, keeping all other factors constant. In the above table, for labor input 5 and 6, the firm has a decreasing return to labor.
(3) Negative return to input set (labor)
Negative Return to labor: When we increase the labor input and marginal product of labor is in the negative term, then the firm has experienced the negative return of labor. In the above table, for labor input 7 and 8, the firm has a negative return to labor.
(4) In the long run, a firm can adjust the quantity of any input used for the production of output.
(5). Total product is the total output produced by the all of the labor input. On the other side, marginal product is the additional output generated by using an additional labor.
Labor Input Total Product Marginal Product 0 0 0 1 10 10 2 26 16 3 48 22 4 71 23 5 86 15 6 96 10 7 95 -1 8 90 -5Related Questions
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