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:

Kinetic Depth Effect

A visual phenomenon where the motion of an object reveals its three-dimensional structure.

Motion Parallax

A depth cue in which objects closer move faster across the visual field than objects that are further away, creating a sense of depth.

Movement Illusion

An optical illusion where a static image appears to be moving due to the cognitive effects of interacting color contrasts and shape position.

Texture Gradient

A visual cue used to convey depth in an image, suggesting that an object's texture becomes denser and finer as distance increases.