Below are the overtime hours (O) worked by 3 employees an an Office. Calculate var(O). (3 significant digits in final answer) Worker Jim Pam Dwight Overtime Hrs. 6 10 3

Labor Input Product Total Marginal Product Average Product 14- 7 7.0 15 8 7.5 12- 3 24 9 8.0 4. 32 8 8.0 10- 39 7 7.8 6 45 7.5 50 5 7.1 8- 1.) Using the 4-point curved line drawing tool, draw the marginal product curve, and label this line 'MP 2.) Using the 4-point curved line drawing tool, draw the average product curve, and label this line 'AP'. 2- (For your control points, use 1,3, 4, and 7 units of labor.) Carefully follow the instructions above, and only draw the required objects. 0- 10 Units of Labor MP, AP

16. The following figures relate to one year work in a manufacturing business : Fixed overheads Variable overheads Direct wages Direct materials Sales 12,000 20,000 15,000 41,000 1,00,000 Represent each of the above figures on a break-even-chart, and determine from the chart the break-even point. [Ans. 50,000]

Diminishing marginal productivity sets in after the hiring of which worker?