AG BM 101 Study Guide - Production Function, Diminishing Returns, Marginal Product
Document Summary
According to your contract with the processor, you receive most of your inputs, such as live piglets and feed, directly from the processor. Your main task is to take care of the hogs using your own labor plus hired labor. Page 1 of 3 (2) complete the following two graphs: (1) the top graph for total physical product (tpp) where output (y) is graphed against input (x), and (2) the bottom graph for the app and mpp curves. Make sure you label all aspects of your graphs not already labeled. Although the book does not mention it directly, the value you calculate for mpp in the table above represents the mpp over the interval representing the change in labor (d x). Graph the mpp value at the midpoint for the d x interval. For example, the first mpp value you calculated above should be placed in the middle of the 0 to 8 interval, or at 4.
