Microeconomics

Part 1

Complete the tables calculating the average product, marginal product, total value product, average value product, and marginal value product.

Part 2

Answer the five questions after each table as a guide to use when writing your essay.

Part 3

Write an essay of at least 750 words in which you address the following:

  • Describe your calculations in the table.
  • Indicate the number of workers used per day where the law of diminishing marginal returns begins for producing buckets of popcorn.
  • Indicate the number of workers used per day where the law of diminishing marginal returns begins for movie ticket sales production.
  • Describe the shapes of both the average product and marginal product curves, and include how they compare to the average value product and marginal value product curves for both buckets of popcorn and movie tickets.
  • Indicate the optimal number of workers per day to use and the corresponding total number of buckets of popcorn to produce. Make sure you indicate how you found this optimal number of workers and total number of buckets of popcorn.
  • Indicate the optimal number of workers per day to use and the corresponding total number of movie tickets to sell (produce). Make sure you indicate how you determined this optimal number of workers and total number of movie tickets.

Include a copy of the completed tables and your question answers from the worksheet after your essay (e.g., on the page following your reference page, if you have one). The minimum word count will not include the information from the worksheet (tables and answers).