Dominick Salvatore Schaums Outline of Microeconomics, 4th edition Schaums Outline Series 2006

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128 THEORY OF PRODUCTION [CHAP. 6(a) Table 6.5Land Labor TP AP L MP L1 0 0 0 ...1 1 2 2 21 2 5 2 1 231 3 9 3 41 4 12 3 31 5 14 2 4 521 6 15 2 1 211 7 15 2 1 701 8 14 1 3 4211 9 12 1 1 322Note that the numbers in this table refer to physical quantities rather than monetary values.(b)Fig. 6-8
CHAP. 6] THEORY OF PRODUCTION 1296.2 (a) On the same set of axes, draw the TP, AP L , and MP L curves of Problem 6.1 as smooth curves (b)Explain the shape of the AP L and MP L curves in part (a) in terms of the shape of the TP curve.Fig. 6-9(a)(b)See Fig. 6-9. These smooth curves are the typical textbook TP, AP, and MP curves and are based on theassumption that inputs are perfectly divisible.The slope of a line from the origin to a point on the TP curve rises up to point B and declines afterward. Thus,the AP L curve rises up to point B 0 and declines thereafter. Starting from the origin, the slope of the TP curve(the MP L ) rises up to point A (the point of inflection), then declines but remains positive up to point C. At pointC (the maximum point of the TP curve), the slope of the TP curve (the MP L ) is zero. Past point C, the slope ofthe TP curve (the MP L ) is negative. At point B, the slope of the TP curve (the MP L ) is equal to the slope of aline from the origin to the TP curve (the AP L ).6.3 (a) In terms of “labor” and “land,” what does the law of diminishing returns state?(b) Determine where the law of diminishing returns starts operating in Fig. 6-9.(a)(b)As more units of labor per unit of time are used to cultivate a fixed amount of land, after a point the MP L willnecessarily decline. This is one of the most important laws of economics and is referred to as the law of diminishingreturns. Note that to observe the law of diminishing returns, one input (either land or labor) must be keptfixed while the other input is varied. Technology is also assumed to remain constant.The law of diminishing returns begins to operate at point A 0 in Fig. 6-9, where the MP L starts declining. To theleft of point A 0 , labor is used too sparsely on one acre of land, and so we get increasing rather than diminishingreturns to labor (the variable factor). (Do not confuse “increasing returns,” which is a short-run concept, with“increasing returns to scale,” which is a long-run concept.)6.4 Define the three stages of production for labor shown in Fig. 6-9.Fig. 6-10
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ProfessionalWant to learn more?We h
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PREFACEvimicroeconomic theory and r
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viiiCONTENTS4.5 Characteristics of
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xCONTENTS10.8 The Kinked Demand Cur
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2 INTRODUCTION [CHAP. 1owners to bu
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4 INTRODUCTION [CHAP. 13. The meani
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6 INTRODUCTION [CHAP. 11.3 Distingu
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8 INTRODUCTION [CHAP. 1(c)In the mo
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10 INTRODUCTION [CHAP. 1Table 1.2Pr
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12 INTRODUCTION [CHAP. 1PARTIAL EQU
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CHAPTER 2Demand, Supply,and Equilib
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16 DEMAND, SUPPLY, AND EQUILIBRIUM:
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40 THE MEASUREMENT OF ELASTICITIES
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CHAPTER 4Consumer DemandTheory4.1 T
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64 CONSUMER DEMAND THEORY [CHAP. 4A
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66 CONSUMER DEMAND THEORY [CHAP. 4E
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68 CONSUMER DEMAND THEORY [CHAP. 4T
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70 CONSUMER DEMAND THEORY [CHAP. 4E
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72 CONSUMER DEMAND THEORY [CHAP. 4A
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74 CONSUMER DEMAND THEORY [CHAP. 4S
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76 CONSUMER DEMAND THEORY [CHAP. 4(
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178 COSTS OF PRODUCTION [CHAP. 7Sub
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180 MIDTERM EXAMINATIONAnswers1. (a
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182 MIDTERM EXAMINATION(b)AC ¼ AVC
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CHAPTER 8Price and Output UnderPerf
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186 PRICE AND OUTPUT UNDER PERFECT
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CHAPTER 9Price and OutputUnder Pure
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214 PRICE AND OUTPUT UNDER PURE MON
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CHAPTER 10Price and OutputUnder Mon
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240 PRICE AND OUTPUT UNDER MONOPOLI
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CHAPTER 11Recent and AdvancedTopics
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264 RECENT AND ADVANCED TOPICS IN M
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CHAPTER 12Game Theory andOligopolis
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274 GAME THEORY AND OLIGOPOLISTIC B
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284 INPUT PRICING AND EMPLOYMENT [C
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CHAPTER 14General Equilibriumand We
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314 GENERAL EQUILIBRIUM AND WELFARE
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CHAPTER 15The Economics ofInformati
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338 THE ECONOMICS OF INFORMATION [C
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348 FINAL EXAMINATIONsimultaneously
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350 FINAL EXAMINATION 6. (a) The co
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352 INDEXDecreasing cost industry 1
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354 INDEXMonopolistic competition:
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356 INDEXTime preference 106Total c
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Dominick Salvatore Schaums Outline of Microeconomics, 4th edition Schaums Outline Series 2006

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