Number of workers Output (total product) Marginal Product 0 0
1 230
2 500
3 800
4 1150
5 1450
6 1600
7 1550

[MP = (change of TP/change in number of workers)]

Fill out the table above and graph total and marginal product.

What would not cause duff beer’s production possibilities curve to expand in the short run? a. improved manufacturing technology b. additional resources c. increased demand

(30 total points) suppose a firm’s production function is given by q = l1/2*k1/2. the marginal product of labor and the marginal product of capital are given by: mpl = 1/ 2 1/ 2 2l k , and mpk = 1/ 2 1/ 2 2k l . a) (12 points) if the price of labor is w = 48, and the price of capital is r = 12, how much labor and capital should the firm hire in order to minimize the cost of production if the firm wants to produce output q = 18?

Marge is told by a jeweler that a particular diamond priced at $10,000 in which she is interested cannot be obtained anywhere else for under $15,000. later that day, she finds a diamond of comparable quality priced at $8,000 at another jewelry store. the first jeweler is liable for: