Question

fill in the blanks to complete the marginal product of labor column for each worker.
labor (number of workers) output (units of wax) marginal product of labor (units of wax)
0 0
1 60
2 100
3 130
4 150
5 160

on the following graph, plot talias production function using the green points (triangle symbol).
note: plot your points in the order in which you would like them connected. line segments will connect the points automatically.
hint: be sure to plot the first point at (0, 0).

suppose that talias only variable cost is labor. assume that talia faces daily fixed costs of $20 and pays all workers the same daily wa

Explanation:

Step1: Recall marginal product of labor formula

Marginal Product of Labor (MPL) = $\Delta Output/\Delta Labor$

Step2: Calculate MPL for 1st worker

When labor goes from 0 to 1, output goes from 0 to 60. MPL = $\frac{60 - 0}{1-0}=60$

Step3: Calculate MPL for 2nd worker

When labor goes from 1 to 2, output goes from 60 to 100. MPL = $\frac{100 - 60}{2 - 1}=40$

Step4: Calculate MPL for 3rd worker

When labor goes from 2 to 3, output goes from 100 to 130. MPL = $\frac{130 - 100}{3 - 2}=30$

Step5: Calculate MPL for 4th worker

When labor goes from 3 to 4, output goes from 130 to 150. MPL = $\frac{150 - 130}{4 - 3}=20$

Step6: Calculate MPL for 5th worker

When labor goes from 4 to 5, output goes from 150 to 160. MPL = $\frac{160 - 150}{5 - 4}=10$

Answer:

The completed table has the following values in the Marginal Product of Labor column: 60, 40, 30, 20, 10 for 1, 2, 3, 4, 5 workers respectively.
To plot the production - function:

• Plot the points (0,0), (1,60), (2,100), (3,130), (4,150), (5,160) on the graph with labor (number of workers) on the x - axis and quantity of output (units of wax) on the y - axis.