Answer:
In the short run, these workers are variable inputs, and the ovens are fixed inputs.
Number of workers |
Output(Q) |
Marginal product of labor = Change in Output = Qn – Qn-1 |
0 |
0 |
0 |
1 |
60 |
60 |
2 |
100 |
40 |
3 |
130 |
30 |
4 |
150 |
20 |
5 |
160 |
10 |
Quantity of output Output(Q) |
Fixed Cost FC |
Variable Cost VC |
Total Cost = FC + VC |
0 |
20 |
0 |
20 |
60 |
20 |
30 |
50 |
100 |
20 |
60 |
80 |
130 |
20 |
90 |
110 |
150 |
20 |
120 |
140 |
160 |
20 |
150 |
170 |
False:
The shape of the production function reflects the law of diminishing marginal returns
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