Emco Company has an assembly line of fixed size A. Total output is a function of the number of workers (crew size) as shown in the following schedule: Crew Size Total Output (No. of Workers) (No. of Units) 0. 10 35 3. 50 4 56 59 6. 60 7. 60 8 58 Determine the following schedules: (a) marginal productivity of labor (b) average productivity of labor (c) elasticity of production with respect to labor

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Cost of Production

The entire idea of the cost of production or production cost is applied corresponding, or we can say that it is related to monetary cost. Money cost refers to any money expenditure which the firm or supplier, or producer undertakes in purchasing or hiring factor of production or factor services.