Graphing Assignment -
Consider the data below from the Maguna Widget Company of International Falls, MN, on widget production from 2008-2014 for their second shift of workers. The data was derived from the corporate web site (FYI - the site does not really exist) on June 14, 2016, from "Table 1". Maguna Second Shift, Historical Data."
a. In a clearly and accurately labeled line graph created using Excel, plot the total product (TP), marginal product (MP) and average product (AP) curves based on that data.
b. Referencing only your TP and MP curves, identify where the law of diminishing returns has set in and state how we would recognize it on each of the curves you have constructed.
c. Referencing only your TP and MP curves, identify where negative returns have set and how we would recognize that on each of the curves you have constructed.
d. Referencing all your constructed curves, identify where labor productivity has been maximized, and which curve(s) most clearly illustrate(s) this.
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Number of Workers Per Shift
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Units of Output (in 100s)
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0
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0
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1
|
38
|
|
2
|
90
|
|
3
|
145
|
|
4
|
192
|
|
5
|
215
|
|
6
|
228
|
|
7
|
228
|
|
8
|
204
|
Graphs for this assignment must be properly constructed and created using Excel. Prepare your assignment as a Word document with embedded Excel charts. Number each step of the assignment.