Problem Set 4

# Problem Set 4 - Dave Rauen Problem Set#4 PA 410 Professor...

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Dave Rauen Problem Set #4 PA 410 Professor Yonghong Wu Due on July 7th, at the START OF CLASS 1. Each additional worker produces two extra units of output until the first three workers are hired for some production function. After the third worker each additional worker produces one extra unit of output. What are the total product of labor, average product of labor and marginal product of labor for the first five workers associated with this production function? (Use the following table to show your results) Labor Total Product Average product Marginal product 0 0 1 2 2 2 2 4 2 2 3 6 2 2 4 7 1.75 1 5 8 1.6 1 2. You are the manager of a public transportation system in Capitol City. The city has recently purchased four new monorail trains for use on their suburban routes, which link the suburbs to the city center. You can use the trains on either of two routes – the Springfield line or the Shelbyville line. There is no difference in the cost to the city for choosing one route or the other. Given recent concerns over increased highway traffic coming into the city, your goal is

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Problem Set 4 - Dave Rauen Problem Set#4 PA 410 Professor...

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