Problem
Suppose you are told by a production engineer that the relationship between output Q on the one hand and input, in the form of labour (L), on the other is Q = 5. Capital is fixed, so we are operating in the short run.
(a) Compute the output that can be produced in this firm using 1 through 9 units of labour by substituting these numbers into the production function.
(b) Draw the resulting T P curve to scale, relating output to labour.
(c) Inspect your graph to see that it displays diminishing MP.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.