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Answer the following questions. Assume other inputs other than labor are fixed in the short run. Compute...

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Economics

Answer the following questions. Assume other inputs other thanlabor are fixed in the short run.

  1. Compute the averageand marginal product and put the values in the table below.

    # workersRepairsAPMP
    00
    110
    221
    333
    443
    552
    660
    767
    873
    978
  2. Over what range of labor output are there increasing returns tolabor? Diminishing returns to labor? Negative returns?
  3. Over what range of product is marginal product greater thanaverage product? What is happening to average product as employmentincreases over this range?
  4. Over what range of labor input is marginal product smaller thanthe average product? What is happening to the average product asemployment increases over this range?

Answer & Explanation Solved by verified expert
3.6 Ratings (587 Votes)
Marginal product of labor is defined as the additional product produced by an additional unit of labor MPLdTPLdL Average product of laborTPnumber of labor Both AP and MP initially    See Answer
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