Scenario 12-12
If Farmer Brown plants no seeds on his farm,he gets no harvest.If he plants 1 bag of seeds,he gets 5 bushels of wheat.If he plants 2 bags,he gets 9 bushels.If he plants 3 bags,he gets 12 bushels.A bag of seeds costs $120,and seeds are his only cost.
-Refer to Scenario 12-12.Farmer Brown's production function exhibits

Question

Quizplus · Accepted Answer

Farmer Brown's production function exhibits diminishing marginal product, as each additional bag of seeds leads to a smaller increase in the number of bushels harvested. This can be seen by the increase in harvest from 1 to 2 bags being greater than the increase from 2 to 3 bags.

Scenario 12-12 If Farmer Brown Plants No Seeds on His Farm,he Gets