17-cost curves more jpw

17-cost curves more jpw - PREVIEW More On Cost Curves...

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microL17-F2010-page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ PREVIEW More On Cost Curves Lecture 17 Dr. Jennifer P. Wissink ©2009 John M. Abowd and Jennifer P. Wissink, all rights reserved. October 26, 2010
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microL17-F2010-page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Jonathan’s Apple Farm Short Run Production Function The table describes Jonathan’s inputs for the annual production of apples shown in the first column. Jonathan's Apple Farm Production Function Apples (tons/year) Land (acres) Labor (hired) Proprietor's time (hours) 0 100 0 1,100 50 100 2,500 1,100 100 100 3,700 1,100 150 100 5,000 1,100 200 100 6,800 1,100 250 100 10,000 1,100 300 100 15,000 1,100 350 100 27,000 1,100
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microL17-F2010-page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Jonathan’s Total Product of Labor Jonathan's Total Product of Labor Apples (t./year) Land (acres) Labor (hired) Proprietor's time (hours) 0 100 0 1,100 50 100 2,500 1,100 100 100 3,700 1,100 150 100 5,000 1,100 200 100 6,800 1,100 250 100 10,000 1,100 300 100 15,000 1,100 350 100 27,000 1,100 total product of labor 0 100 200 300 400 0 10,000 20,000 30,000 labor hours apples total product of labor
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http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Jonathan’s Marginal Product of Labor 0.000 0.005 0.010 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0 5,000 10,000 15,000 Hours of Labor Tons of apples/hour Marginal Product of Labor (midpoint formula) Average Product of Labor Labor (hired hours) Total Product (tons of apples) Average Product (tons of apples) Marginal Product (tons of apples) 0 0 0/0?? 2,500
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17-cost curves more jpw - PREVIEW More On Cost Curves...

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