Daily production for Pot-Works, a flowerpot maker, varies with the number of workers employed, as shown in the table below.a. Fill in the table. Include a minus sign (-) for any negative values entered below.(1)Labour(workers perday)(2)(3)(4)Total Product Marginal Product| Average Product(pots per day)(pots per day)(pots per day)18022204054440425b. In which employment range is marginal product rising? falling and positive? negative?Marginal product is rising when the first, second, and third workers are hiredand total product in this range is rising fairly quicklyMarginal product is falling and positive when the fourth worker is hired v, and total product in this range is rising at a slower pace vMarginal product is negative when the fifth worker is hired, and total product in this range is fallingC. Draw the total product curve on one set of axes and the average product and marginal product curves on he other set of axesbelow. In the left graph, use the tools provided to plot points for the total product curve at each employment level up to 5 workers, including the point (0, 0), for atotal of 6 points. In the right graph plot 5 points each for the average and marginal product curves for a total of 10 points (exclude the origin point for both curves).Remember that marginal values such as marginal product are plotted halfway between the two relevant employment levels on the horizontal axis.

b) Labor TP MP AP = TP/L 0 0 -------- -------- 1 80 80 80 2 220 140 110 3 405 185 135 4…

e table. Include a minus sign (-) for any negative values entered below. (2) (3) Total Product Marginal Product Average Product (pots per day) (4) per (pots per day) (pots per day) 80 220 405 440 425 mployment range is marginal product rising? falling and positive? negative? oduct is rising when the first, second, and third workers are hired and total product in this range is risin pduct is falling and positive when the fourth worker is hired and total product in this range is rising at oduct is negative when the fifth worker is hired and total product in this range is falling

e table. Include a minus sign (-) for any negative values entered below. (2) (3) Total Product Marginal Product Average Product (pots per day) (4) per (pots per day) (pots per day) 80 220 405 440 425 mployment range is marginal product rising? falling and positive? negative? oduct is rising when the first, second, and third workers are hired and total product in this range is risin pduct is falling and positive when the fourth worker is hired and total product in this range is rising at oduct is negative when the fifth worker is hired and total product in this range is falling

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter11: Labor Markets

Section: Chapter Questions

Problem 1SQ

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