maximum output
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(a) From table 6-1 constrcut a table similar to table 6-2 showing the total product, the marginal product, and the average product of lablor, as well as the output elasticity of lablr, when capital is kept constant at 4 units rather than at 1 unit. (b) Draw a figure similar to figure 6-4 showing the total product as well as the marginal and average products of labor from the results in part (a). (c) How do the results in parts (a) and (b) differ from those in Table 6-2 and Figure 6-4 in the text?
Table 6-1:
Captial (K) 6 10 24 31 36 40 39
5 12 28 36 40 42 40
4 12 28 36 40 40 36 Output (Q)
3 10 23 33 36 36 33
2 7 18 28 30 30 28
1 3 8 12 14 14 12
1 2 3 4 5 6
Labor (L)
Table 6-2:
(1) (2) (3) (4) (5)
Labor Output Marginal Average Output
#of or Product Product Elasticity
Workers total Product of Labor of Labor of Labor
0 0 - - -
1 3 3 3 1
2 8 5 4 1.25
3 12 4 4 1
4 14 2 3.5 0.57
5 14 0 2.8 0
6 12 -2 2 -1
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Solution Summary
The maximum output in the case is determined.
Solution Preview
Here is the required table:
L TP MP AP Elasticity
0 0 N/A N/A N/A
1 12 12 12 1
2 28 16 14 1.14
3 36 8 12 0.67
4 40 4 10 0.4
5 40 0 8 0
6 36 -4 ...
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