Scenario In this scenario we are going to assume that a factory produces links that are…

Scenario
In this scenario we are going to assume that a factory produces
links that are used to make a paperchain. A link is a strip of
paper approximately 5 X 1 cut from an 8 X 11 sheet of
paper. The strip is then wrapped into a circle and taped to form a
ring. The next strip is cut, placed through the previously made
ring and taped to interconnect the 2 paper rings to form the
beginnings of a paper chain.
The links factory produced the following results:
When 1 worker was employed, the factory produced 2 links
When 2 workers were employed, the factory produced 6 links
When 3 workers were employed, the factory produced 8 links
When 4 workers were employed, the factory produced 9 links
When 5 workers were employed, the factory produced 9 links

Complete the following table based on the production in the
plant.

Workers (Inputs)

Total Product

Marginal Product

0

0

——–

1

2

3

4

5

Did diminishing returns set in in the link factory? At what
point?

Explain why diminishing marginal returns sets in at some point
in the short run

Consumer and Producer
Surplus
Bill buys a computer for $425 for
which he was willing to pay $550. The minimum acceptable price to
the seller, Beth, was $375.
Bill received _____________________
surplus of _____________.
Beth received _____________________
surplus of ________________.
Diminishing
Utility
The first slice of pizza Jake
consumers yields him 25 units of utility. The second slice yields
him an additional 20 units of utility. His total utility from three
slices of pizza is 58 units of utility.
The marginal utility of the third
slice of pizza is how much?

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