Microeconomics · free preview
The Production Function
A production function maps inputs to output, marginal product measures the next worker's contribution, and the short run's fixed inputs force marginal product to fall.
1. Inputs become output
Inputs become output
2. Marginal product
Marginal product
3. Diminishing marginal returns
Diminishing marginal returns
4. What the function buys us
What the function buys us
5. Reading marginal product
Using the bakery table, bakers 0 through 4 produce 0, 30, 55, 75 and 90 loaves. What is the marginal product of the fourth baker?
6. The cause of the fade
Why does marginal product eventually fall at the bakery?
7. The fifth baker's contribution
A workshop's production function gives total output of 42 units with 4 workers and 48 units with 5 workers. Compute the marginal product of the fifth worker and write the number.
8. The third baker's contribution
Bakers 0 through 4 produce 0, 30, 55, 75 and 90 loaves. What is the marginal product of the third baker?
9. Why the kitchen slows
Why does the marginal product of bakers eventually fall in a fixed bakery?
10. The second baker's loaves
With bakers 0 through 2 producing 0, 30 and 55 loaves, compute the marginal product of the second baker in loaves, and write the number.
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