The graph below depicts the production function of grain for farmers under average growing conditions with the currently available technology. 900 The farmers' produchon function: This shows how the number of farmers working the land translates into grain harvested. 675 450 225 400 800 1,200 1,600 2,000 2,400 2,800 Number of farmers We can ascertain that: O In a year with exceptionally good weather conditions, the production function curve will be lower and parallel to the curve above. O A discovery of new high-yielding crop seeds would tilt the production function curve higher, pivoted anti-clockwise at the origin. O In a year of bad drought, the production curve can slope downwards. O This production function shows increasing marginal product to labour. Kg of grain produced (thousands)

The graph below depicts the production function of grain for farmers under average growing conditions with the currently available technology. 900 The farmers' produchon function: This shows how the number of farmers working the land translates into grain harvested. 675 450 225 400 800 1,200 1,600 2,000 2,400 2,800 Number of farmers We can ascertain that: O In a year with exceptionally good weather conditions, the production function curve will be lower and parallel to the curve above. O A discovery of new high-yielding crop seeds would tilt the production function curve higher, pivoted anti-clockwise at the origin. O In a year of bad drought, the production curve can slope downwards. O This production function shows increasing marginal product to labour. Kg of grain produced (thousands)

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter11: Profit Maximization

Section: Chapter Questions

Problem 11.9P

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