ps6s08 - UNIVERSITY OF WISCONSIN Economics 101 Spring 2008...

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Economics 101 – Spring 2008 Problem Set 5 Due on Wednesday March 26 at 10am (notice the different day and time). Please be sure to include (1) your name, (2) your teaching assistant’s name, and (3) your section time on your answers. Please staple pages together. Also note that late homework will not be accepted. Remember that you can help each other but each student has to hand a hand-written solution of the problem set. F you hand back your problem set to your TA’s mailbox, it is absolutely prohibited to look at problem sets that have already been placed there. This practice will be considered a form of cheating and will be dealt with accordingly. 1. Suppose the below graph represents the total production curve a). In the figure above, how many units is the marginal product of the forth worker? b). In the figure above, how many units is the average product if the firm employ three workers? c). In the figure above, which point(s) is(are) technically inefficient? Which point(s)
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ps6s08 - UNIVERSITY OF WISCONSIN Economics 101 Spring 2008...

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