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SebKom SebKom
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6 years ago
Number of Cooks   Total Meals Produced   MPL
0   0   
1   10   10
2   25   15
3   45   20
4   60   15
5   70   10
6   75   5
7   78   3
8   76   -2

Consider the short run production function for a hypothetical restaurant shown in the table.  Cooks are equally talented and hardworking.  The MPL column in the table illustrates
A) that firms tend to hire the best workers first.
B) the law of supply.
C) diminishing marginal returns in labor that derives from the fact that as employment expands cooks have less capital per person to work with.
D) increasing returns to scale followed by decreasing returns to scale, which is a fundamental empirical proposition in economics.
Textbook 
Modern Labor Economics: Theory and Public Policy

Modern Labor Economics: Theory and Public Policy


Edition: 12th
Authors:
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ShadiasShadias
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THANK YOU
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Thank you!
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