Suppose a firm has the production relationships shown in the table.

$\begin{array}{|c|c|c|c|}
\hline \text { Labor } & \text { Output } & \text { Marginal Product } & \text { Average Product } \
\hline 0 & 0 & & \
\hline 1 & 4 & & \
\hline 2 & 9 & & \
\hline 3 & 14 & & \
\hline 4 & 18 & & \
\hline 5 & 21 & & \
\hline 6 & 23 & & \
\hline 7 & 24 & & \
\hline 8 & 24 & & \
\hline 9 & 23 & & \
\hline
\end{array}$
Complete the table. Graph the marginal and average product. At which points does the firm experience increasing returns, and decreasing returns? Is there enough information provided to determine how many workers should be hired? Why or why not?

Question

Suppose a firm has the production relationships shown in the table.
​
 $\begin{array}{|c|c|c|c|}
\hline \text { Labor } & \text { Output } & \text { Marginal Product } & \text { Average Product } \
\hline 0 & 0 & & \
\hline 1 & 4 & & \
\hline 2 & 9 & & \
\hline 3 & 14 & & \
\hline 4 & 18 & & \
\hline 5 & 21 & & \
\hline 6 & 23 & & \
\hline 7 & 24 & & \
\hline 8 & 24 & & \
\hline 9 & 23 & & \
\hline
\end{array}$ ​
Complete the table. Graph the marginal and average product. At which points does the firm experience increasing returns, and decreasing returns? Is there enough information provided to determine how many workers should be hired? Why or why not?

Quizplus · Accepted Answer

The Answer of Suppose a firm has the production relationships shown in the table.
​
 $\begin{array}{|c|c|c|c|}
\hline \text { Labor } & \text { Output } & \text { Marginal Product } & \text { Average Product } \
\hline 0 & 0 & & \
\hline 1 & 4 & & \
\hline 2 & 9 & & \
\hline 3 & 14 & & \
\hline 4 & 18 & & \
\hline 5 & 21 & & \
\hline 6 & 23 & & \
\hline 7 & 24 & & \
\hline 8 & 24 & & \
\hline 9 & 23 & & \
\hline
\end{array}$ ​
Complete the table. Graph the marginal and average product. At which points does the firm experience increasing returns, and decreasing returns? Is there enough information provided to determine how many workers should be hired? Why or why not?

Suppose a Firm Has the Production Relationships Shown in the Table