{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

211-1 PS3 F07

# 211-1 PS3 F07 - MMSS 211-1 Problem Set 3 Fall 2007 1...

This preview shows pages 1–2. Sign up to view the full content.

MMSS 211-1 Problem Set 3 Fall 2007 1. Sally’s Sunflowers, Inc. uses fertilizer, labor, and land to produce sunflowers. When the amount of land and labor is fixed, the relationship between the quantity of fertilizer and the number of sunflowers grown per month is as follows: Tons of Fertilizer 0 1 2 3 4 5 6 7 Number of Sunflowers 0 1,000 2,000 3,400 4,400 5,000 5,400 5,000 A. What is the average product of fertilizer when 4 tons are used? B. What is the marginal product of the 3 rd ton of fertilizer? C. Does the total product function exhibit diminishing marginal returns? If so, over what quantities of fertilizer do they occur? 2. A. For each of the following production functions, graph the short-run total product curves assuming that K is fixed at K 0 = 2. i. Q = f(K,L) = 3K + 4L ii. Q = f(K,L) = KL 2 B. Do the production functions obey the law of diminishing returns? 3. Are the following correct? A. If marginal product is decreasing, then average product must also be decreasing.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern