Calculate the marginal product by dividing the change

Reference no: EM13183517

1. In the long run, the Martha Mowers can assemble 300 mowers per week at a total cost of $18,000, 400 mowers at a total cost of $24,000, or 500 mowers at a cost of $35,000.Plot points of the long-run average cost curve for these three levels of output.

2. Here is a production function for your construction company, showing the relationship between the number of workers employed and the number of homes built in a year. No matter how many workers are hired, each is paid $20,000 per year.

Number Number

of Workers of Homes
0 0
7 1
13 2
18 3
24 4
31 5
39 6
48 7
58 8
69 9
81 10

For which of the following workers are there diminishing marginal returns to labor? (Hint: Calculate the marginal product by dividing the change in the number of houses built by the change in the number of workers.)

Reference no: EM13183517

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