Draw the production function graph

Reference no: EM131484781

Question: Copy the table you inputted above for problem 4a, and paste it into a new page in Excel. Or begin anew if you are doing manual calculations.

a. You now are going to invent new numbers to replace those shown in the total output column above. Continue to use the same total employment levels shown! What numbers should you choose? The values you invent must be such that Pangea never, ever encounters diminishing returns to production, i.e. the value of marginal output never decreases in the last column of your new table. Be sure to calculate and show the marginal output column too, just to be sure you do not encounter diminishing marginal returns.

b. Draw the production function graph for your new example using the chart function in Excel. Again, highlight the data and choose a scatter diagram with a line.

c. What are the implications for total output if there are never diminishing returns to adding more workers to production? What is happening to total output in your example as you add more workers to the production process? Is there a maximum level of production?

d. Does it seem likely that an economy could never encounter diminishing returns to production? Why? If there are no diminishing returns, how much land would it take to produce the world's supply of food?

Reference no: EM131484781

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