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GRADED DISCUSSION BOARD (GDB)

MANAGERIAL ECONOMICS (ECO404)

Spring 2017

The Case:

R&R Co. is a producing unit of local hand bags in a town in which inputs like building, labor, machinery and raw materials etc. are transformed into output or total product (TP) under three stages of production. In short run, it is assumed that one of the factors like building is fixed input and other inputs are variable. Following table has been provided by their production department;

 

Labor

Total Product (TP)

Marginal Product (MP)

1

15

15

2

35

20

3

60

25

4

80

20

5

90

10

6

90

0

7

80

-10

 

 

Requirements:

 

Being the student of managerial economics, you are required to analyze the given data and;

  • Suggest as a rational manager that how much labor should be employed by R&R Co. for having efficient production of hand bags and why?
  • Why the firm should not employ labor beyond the level of efficient production?

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plz fellows share its solution . if u will help others god will help u i.a

badar app k subjects kon kon say hain

Eco404, MGT 101, MGT301, MTH302

i think when company have labor 1 than the total product and the marginal product of the company same after adding one labor the total product increase and the marginal product also increased when adding one more labor in production then the total product increase and the marginal product also increased but when company add one more labor in production the total product increased but the marginal product decreased !!! so the company should hire 3 labor for the efficient production because after that point the marginal product is decreasing and one point will be come when the marginal product of the company is negative.

actually this is called the diminishing return if company go beyond the level of efficient production the return goes to negative returns. 

you r right Rahila ,the limit point is 2 i guess cuz at level 3 the marginal production goes negative   

what do you say about the efficient production level ..

i think it should be 3 for efficient production.

kiya ya rahila final solution ha

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