Instructions: Move the slider at the bottom of the diagram to change the quantity of labor hired for both graphs and the table. Move the production slider to 6 units of labor. Suppose you had the information for the L=2 row and the L=6 row, but the row(s) in between them were missing and you didn't have any information in the Marginal Product column. If you wanted to estimate the marginal product, you might assume the marginal products of each of the 4 additional workers are equal. a. Estimate the marginal product of each additional worker if L were to increase from 2 to 6. b. Calculate the slope of the total production function between L=2 and L=6.
Instructions: Move the slider at the bottom of the diagram to change the quantity of labor hired for both graphs and the table. Move the production slider to 6 units of labor. Suppose you had the information for the L=2 row and the L=6 row, but the row(s) in between them were missing and you didn't have any information in the Marginal Product column. If you wanted to estimate the marginal product, you might assume the marginal products of each of the 4 additional workers are equal. a. Estimate the marginal product of each additional worker if L were to increase from 2 to 6. b. Calculate the slope of the total production function between L=2 and L=6.
Chapter13: Factor Markets: With Emphasis On The Labor Market
Section13.1: Factor Market
Problem 2ST
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Instructions: Move the slider at the bottom of the diagram to change the quantity of labor hired for both graphs and the table.
Move the production slider to 6 units of labor. Suppose you had the information for the L=2 row and the L=6 row, but the row(s) in between them were missing and you didn't have any information in the Marginal Product column. If you wanted to estimate the marginal product, you might assume the marginal products of each of the 4 additional workers are equal.
a. Estimate the marginal product of each additional worker if L were to increase from 2 to 6.
b. Calculate the slope of the total production function between L=2 and L=6.
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