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【正文】 acant position on an assembly line. Are you more concerned with the average product of labor or the marginal product of labor for the last person hired? If you observe that your average product is just beginning to decline, should you hire any more workers? What does this situation imply about the marginal product of your last worker hired? Slide 58 Slide 59 In filling a vacant position, you should be concerned with the marginal product of the last worker hired, because the marginal product measures the effect on output, or total product, of hiring another worker. This in turn determines the additional revenue generated by hiring another worker, which should then be pared to the cost of hiring the additional worker. The point at which the average product begins to decline is the point where average product is equal to marginal product. As more workers are used beyond this point, both average product and marginal product decline. However, marginal product is still positive, so total product continues to increase. Thus, it may still be profitable to hire another worker. ? A political campaign manager has to decide whether to emphasize television advertisements or letters to potential voters in a reelection campaign. Describe the production function for campaign votes. How might information about this function(such as the shape of the isoquants) help the campaign manager to plan strategy? Slide 60 Slide 61 The output of concern to the campaign manager is the number of votes. The production function has two inputs, television advertising and letters. The use of these inputs requires knowledge of the substitution possibilities between them. If the inputs are perfect substitutes for example, the isoquants are straight lines, and the campaign manager should use only the less expensive input in this case. If the inputs are not perfect substitutes, the isoquants will have a convex shape. The campaign manager should then spend the campaign’s budget on the bination of the two inputs will that maximize the number of votes. ? Does the following functions exhibit increasing, constant, or decreasing returns to scale? What happens to the product of each individual factor as the factor is increased and the other factor held constant? Slide 62 KLqKLqLKqKLqKLq443)22(23212121221????????
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