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Suppose a chair manufacturer is producing in the short run (with its existing plant and equipment). The manu- facturer has observed the following levels of produc- tion corresponding to different numbers of workers:
NUMBER OFWORKERS
NUMBER OF CHAIRS
1
10
2
18
3
24
4
28
5
30
6
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? Explain.
c. Explain intuitively what might cause the marginal product of labor to become negative.
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describe how the budget constraint of a house hold in a two period model is affected by each of the following changes.
according to the rule for optimal input usage a firm should hire a person as long as her marginal revenue product is
Suppose that a competitive market is initially in equilibrium. Then demand increases. If some resources used in production are not available in sufficient quantities for entering firms,
The effect on aggregate demand GDP and employment
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In a country with a labor force of 200 people, a different group of 10 people becomes unemployed each month but becomes employed once again a month later. No others outside these groups are unemployed. A. What is the country’s unemployment rate? B. W..
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