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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

If Farmer Jones plants no seeds on her farm, she gets no harvest. If she plants 1 bag of seeds, she gels 3 bushels of wheat. If she plants 2 bags, she gets 5 bushels. If she plants 3 bags, she gets 6 bushels. A bag of seeds costs $100, and seeds are her only cost. Use these data to graph the farmer's production function and total-cost curve. Explain their shapes.

To determine
The farmer’s production function and total cost curve.

Explanation

If Jones plants 1 bag of seeds, then she will get 3 bushels of wheat, if she plants 2 bags of wheat then will gets 5 bushels and if plant 3 bags then will gets 6 bushels of wheat. From the above data, production function and total cost curve is shown below:

Figure -1 shows the production function between bushels of wheat and bags of seeds

Figure 1, shows the production function curve and this curve becomes flatter because the number of seeds increases...

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