Construct the marginal product schedule for the production function data in the following table:
Labor
Total Output
0
0
1
8
2
18
3
30
4
43
5
55
6
65
7
73
8
79
9
82
10
80
Construct the marginal product schedule for the production function data in the following table:
|
Labor |
Total Output |
|
|
0 |
0 |
|
|
1 |
8 |
|
|
2 |
18 |
|
|
3 |
30 |
|
|
4 |
43 |
|
|
5 |
55 |
|
|
6 |
65 |
|
|
7 |
73 |
|
|
8 |
79 |
|
|
9 |
82 |
|
|
10 |
80 |
|
Related textbook solutions
Related questions
Labor, L, and capital, K, are the only inputs in each of the following production functions:
(a) q1 =(L+K)^2.
(b) q2 = (
(c) q3 = (20 + 
For each production function, use a spreadsheet to find the output associated with the following output combinations.
Table 1: Problem 8 data
| Q | p | Po |
| 84 | 8.5 | 5.25 |
| 82 | 9 | 6 |
| 85 | 8.75 | 6 |
| 83 | 9.25 | 6.5 |
| 82 | 9.5 | 6.25 |
| 84 | 9.25 | 6.25 |
| 87 | 8.25 | 5.25 |
| 81 | 10 | 7 |
| 82 | 10 | 7.25 |
| 79 | 10.5 | 7.25 |
| 82 | 9.5 | 6.75 |
| 78 | 10.25 | 7.25 |
Table 2: Labor and capital combinations
| L | ||||
| 2 | 4 | 8 | ||
| 2 | ||||
| K | 4 | |||
| 8 |
The table below represents the hourly output and cost structure for a local pizza shop. The market is perfectly competitive, and the market price of a pizza in this area is $10. Total cost includes all implicit opportunity costs. Calculate the pizza shop's marginal cost and marginal revenue at each rate of output and fill in the values in the table.
|
Total Hourly Output and Sales of Pizzas |
Total Hourly Cost ($) |
Total Revenue ($) |
Total Economic Profit ($) |
Marginal Cost ($) |
Marginal Revenue ($) |
|
0 |
6 |
0 |
0 |
- |
- |
|
1 |
10 |
10 |
0 |
||
|
2 |
12 |
20 |
8 |
||
|
3 |
13 |
30 |
17 |
||
|
4 |
15 |
40 |
25 |
||
|
5 |
19 |
50 |
31 |
||
|
6 |
25 |
60 |
35 |
||
|
7 |
33 |
70 |
37 |
||
|
8 |
43 |
80 |
37 |
||
|
9 |
55 |
90 |
35 |
||
|
10 |
71 |
100 |
29 |
How I calculate this?
