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Calculate the marginal and average product of labor

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Reference no: EM131585876

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

(a) Calculate the marginal and average product of labor for this production function. List your answers in a table.

(b) Does this production function exhibit diminishing returns to labor?

Reference no: EM131585876

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