1. You are a manager at Milky Inc. recently you conduct a study of the production process for your single side small mil

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1 You Are A Manager At Milky Inc Recently You Conduct A Study Of The Production Process For Your Single Side Small Mil 1 (227.46 KiB) Viewed 31 times

1. You are a manager at Milky Inc. recently you conduct a study of the production process for your single side small milk bottle and the result is summarized in the table below. Currently workers are paid $30, and a small window sells for $5. Please answer the following questions. labor Q 1 2 3 4. 5 6 10 24 40 50 56 57 a. State the law of diminishing marginal return and determine number of labor (L) at which the diminishing marginal returns first occur. (2 Marks) b. Using Excel, find the range of the three production stages. (3 Marks) c. In which stage of production, you would advise this firm to operate and why? (2 Marks) d. Using Excel, what is the optimal level of the variable input? (1 Mark) e. Draw the graph of AP, MP and show the three stages range. (2 Mark)