Fill in the Missing Values in the Following Table AComplete the Marginal Product Column in Table 8-4

question 78

Essay

Fill in the missing values in the following table.Draw one graph showing how total output increases with the quantity of workers hired,and another graph showing the marginal product of labor and the average product of labor.
$$\begin{array} { | l | r | l | l | } \hline \begin{array} { l } \text { Quantity of } \\\text { Workers }\end{array} & \begin{array} { l } \text { Total } \\\text { Output }\end{array} & \begin{array} { l } \text { Marginal } \\\text { Product of } \\\text { Labor }\end{array} & \begin{array} { l } \text { Average } \\\text { Product of } \\\text { Labor }\end{array} \\\hline 0 & 0 & & \\\hline 1 & 200 & & \\\hline 2 & 500 & & \\\hline 3 & 900 & & \\\hline 4 & 1,150 & & \\\hline 5 & 1,300 & & \\\hline\end{array}$$
a.Complete the Marginal Product column in Table 8-4.
b.Characterize the production function,i.e.,does the production function display increasing marginal returns,diminishing marginal returns,etc.
c.Using the data above,graph Juan's marginal product curve.Be sure to label the horizontal and vertical axes.Is your graph consistent with your answer to part (b)? Explain.
d.Juan uses the following inputs for fishing-a small wooden boat (B),a fishing pole (P)and of course,his labor (L).Treating the boat and the fishing pole as fixed inputs and using the data above,graph Juan's Total Product of Labor curve.Be sure to label the horizontal and vertical axes.
e.(Extra Credit)The opportunity cost of Juan's time is $8 per hour.If Juan receives $2 per pound for his fish,what is the optimal number of hours he should spend fishing? Explain how you arrived at your answer.Hint: Recall marginal benefit and marginal cost analysis.

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Definitions:

Commitment to Task

Commitment to task involves the degree of dedication and responsibility an individual or team displays towards completing a specific job or objective.

Multiplication Key

A key on a keyboard or calculator that is used to perform multiplication operations.

Effectiveness

The degree to which something is successful in producing a desired result; the capability of producing a desired effect or outcome.

Self-Interest

A reference to an individual's actions that are primarily motivated by their own needs, wants, or benefits.