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Author Question: A firm's total product of labor curve is represented by the following data: 1 worker can produce 4 ... (Read 50 times)

nmorano1

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on: Jun 30, 2018
A firm's total product of labor curve is represented by the following data: 1 worker can produce 4 units of output; 2 workers, 10 units; 3 workers, 17 units; 4 workers, 25 units; 5 workers, 30 units; 6 workers, 35 units; 7 workers, 38 units; 8 workers, 39 units; and 9 workers, 38 units. What is the marginal product of the seventh worker? When does the law of diminishing marginal product set in? Under these circumstances would you ever choose to employ nine workers?

Question 2

The earnings of which of the following resources comprises entirely of economic rent?
 a. Unskilled labor
  b. Coal
  c. Timber
  d. Water
  e. Biomass


BUTTHOL369

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Reply #1 on: Jun 30, 2018
Answer to Question 1

The marginal product of the seventh worker equals three units of output. The marginal product begins to diminish when the fifth worker is hired. One would never choose to employ nine workers since the marginal product of the ninth worker is negative.

Answer to Question 2

b


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