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guajiro [1.7K]
3 years ago
7

Joan grows pumpkins. If Joan plants no seeds on her farm, she gets no harvest. If she plants 1 bag of seeds, she gets 500 pumpki

ns. If she plants 2 bags, she gets 800 pumpkins. If she plants 3 bags, she gets 900 pumpkins. A bag of seeds costs $100, and seeds are her only cost. Joan's production function exhibitsA. Increasing marginal product. B. Decreasing marginal product. C. Constant marginal product. D. Any of the above could be correct.
Business
1 answer:
valkas [14]3 years ago
3 0

Answer: Option (B) is correct.

Explanation:

Correct option: Decreasing marginal product.

Marginal product is the change in the level of output, when there will be an extra input employed in the production of a certain commodity.

So, Marginal Product = \frac{change\ in\ Q}{Change\ in\ I}

Where,

Q = Output

I = Input

Marginal product of 1st bag = 500

Marginal product of 2nd bag =  \frac{800-500}{2-1} = 300

Marginal product of 3rd bag =  \frac{900-800}{3-2} = 100

∴ From the above calculations, we can seen that as we employed one more bag of seeds as a result marginal product goes on diminishing.

Hence, Joan's production function exhibits decreasing marginal product.

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8 0
3 years ago
Read 2 more answers
Mel is thinking of going on a cruise. Mel values a cruise in nice weather at $2,000 and values a cruise in bad weather at $50. T
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Answer:

Mel

If Mel is risk-neutral, then in the absence of trip insurance, the most she will be willing to pay for the cruise is _______.

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Nice weather      $2,000          60%           $1,200

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See below.

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Hope that helps.

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3 years ago
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