Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Say that a lumber firm is producing output (Q) in the form of trees. They hire lumberjacks (L), but have a fixed level of capital. There are no other inputs. Select the values that correctly fill in the table.
| L = number of lumberjacks | Q = number of trees | MPL = marginal product of labor |
| 0 | 0 | -- |
| 1 | 4 | |
| 2 | 10 | |
| 3 | 12 | |
| 4 | 13 | |
| 5 | 13 |
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