3. You are given the following information about the output of good X as successive workers are added to a fixed amount of land and capital equipment. Number of workers 10 11 12 13 14 15 16 Total output (unit of X) 100 121 144 169 189 195 200 At what level of employment does MPP become a maximum? At what level of employment does APP become a maximum? At what level of employment do diminishing returns set in? Can you determine from this information how many workers the firm will employ? Explain your answer. Draw graphs to show all the relationships а) b) c) d) e)

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Q: What is meant by returns to factor? State 3 phrases of the law of variable proportion.

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A: Value of marginal product of labor = marginal value added by the labor * price of the good.

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A:

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A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

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A: Hey champ, Welcome to this platform. Here you will get the answer with better quality in minimum…

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