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OverLord2011 [107]
3 years ago
12

Suppose a chair manufacturer is producing in the short run (with its existing plant and equipment). The manufacturer has observe

d the following levels of production corresponding to different numbers of workers:
Number of Workers Number of Chairs
1 10
2 18
3 24
4 28
5 30
6 28
7 25
a. Calculate the marginal and average product of labor for this production function.
b. Does this production function exhibit diminishing returns to labor
Business
1 answer:
natima [27]3 years ago
3 0

Answer:

(a)

MP = TPn - TPn-1

AP = TP/Q

No. of workers       No. of chairs   MP    AP

         1                              10              -       10      

         2                             18             8       9

         3                             24            6       8

         4                             28            4       7

         5                             30            2       6

         6                             28          - 2      4.6

         7                              25          -3       3.5

(b) Yes, this production function exhibits diminishing returns to labor. As we increase the number of laborers, the output per worker falls. we will see that the AP is falling with the rise parturient.

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