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Consider the information in the production schedule that follows.
(a) At what output level do diminishing returns set in?
(b) Assume that each worker receives $8. Fill in the marginal product column, and develop a marginal cost schedule and a marginal cost curve for the production process.
Number
of Workers
Total Product of All Workers
Marginal Product of Each Worker
1
0.10
2
0.30
3
0.60
4
1.00
5
1.45
6
2.00
7
2.50
8
2.80
9
3.00
10
3.19
11
3.37
12
3.54
13
3.70
14
3.85
15
4.00
16
3.90
17
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