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Suppose that a chair manufacturer is producing in the short run (with its existing plant and equipment). The manufacturer has observed the following levels of production corresponding to different numbers of workers:
Number of Workers
Number of chairs
1
10
2
18
3
24
4
28
5
30
6
7
25
a) Calculate the marginal and average product of labor for this production function.
b) Does this production function exhibits diminishing returns to labor? Explain.
c) Explain intuitively what might cause the marginal product of labor to become negative?
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You're the absolute czar and head of union of 1,000 plumbers in Austin, Texas. You've the absolute power to set the wage at which the plumbers will work. You wished to achieve full employment at highest possible wage; (b) you wished to maximize the..
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