Sub: Economics Topic: Micro Economics
The Homework solutions from ClassOf1 are intended to help the student understand the approach to solving the problem and not for submitting the same inlieu of your academic submissions for grades.
Given the table of number of workers and total output, calculate average andmarginal product, and determine whether the production values consistent withthe law of diminishing marginal productivity.
You have been hired by the Tootsie Roll Company to analyze their productionprocess. The previous analyst left you with the following table:Number of WorkersTotal Output(thousands of bags of Tootsie Rolls)MarginalProductAverageProduct0 01 42 103 174 235 286 317 328 329 3010 25