problemset3[1]

problemset3[1] - EC201, Fall 2007, Prof. Jordi Jaumandreu...

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EC201, Fall 2007, Prof. Jordi Jaumandreu Problem set #3 Production Function 1. Each extra worker produces an extra unit of output up to six workers. After six, no additional output is produced. Draw the total product of labor, average product of labor, and marginal product of labor curves. 2. Suppose a f rm has a f xed-proportions production function, in which one unit of output is produced using one worker and two units of capital. If the f rm has an extra worker and no more capital, it still can produce only one unit of output. Similarly, one more unit of capital does the f rrn no good. a. Draw the isoquants for this production function. b. Draw the total product, average product and marginal product of labor curves for this production function. 3. Mark launders his white clothes using the production function q = B + 1 2 G , where B is the number of cups of Clorox bleach and G is the number of cups of a generic bleach that is half as potent. Draw an isoquant. What is the marginal product of
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This note was uploaded on 07/16/2009 for the course EC 201 taught by Professor Idson during the Fall '08 term at BU.

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problemset3[1] - EC201, Fall 2007, Prof. Jordi Jaumandreu...

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