A firm has the following Total Product function Labor, Output: (0, 0) (1, 12) (2, 30) (3, 50) (4, 69) (5, 86) (6, 100) (7, 110) (8, 115) (9, 116) (10, 116) a) Find the Marginal Product and use this information to determine where diminishing returns sets in. (1 point)
A firm has the following Total Product function Labor, Output:
(0, 0) (1, 12) (2, 30) (3, 50) (4, 69) (5, 86) (6, 100) (7, 110) (8, 115) (9, 116) (10, 116)
a) Find the Marginal Product and use this information to determine where diminishing returns sets in. (1 point)
b) If labor costs $684 per unit, find the Marginal cost at Q = 30, Q= 50 and Q = 69. Round any decimal answers to 1 place. Explain how these answers are consistent with the MP you found in (a). (2 points)
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