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Law of Diminishing Returns Assignment Instructions: Copy the blank chart below

Law of Diminishing Returns Assignment Instructions: Copy the blank chart below on your paper and fill it in appropriately as we proceed through the 4 rounds of the simulation activity. Fill in the first row as zeros all the way across. After the simulation, analyze the data you collected and answer the 6 follow-‐up questions listed below. Finally, graph your simulation data results using the number of workers and the total product made for each round. 1. What stage did the groups complete the most certificates per person? 2. At what worker did the Law of Diminishing Returns apply? How did you know? 3. What would be the most efficient # of workers to employ if you were the owner of the company to reach maximum profit/production? 4. What does this activity teach you about the Law of Diminishing Returns? 5. How much could you pay each worker and still make profit? 6. What effect did government regulations have on production? 7. Graph your information (Number of workers on bottom, Total Product on the side) Scoring Guide: Requirements Points Possible Completed simulation chart 5 Follow-‐up Questions (#1 and #6 worth 1 point each, all the rest worth 2 points each) 10 # of Workers Total Product (Cert. Produced) Marginal Product Total Revenue If sold @ $10 Stage I,II,III 0 1 2 3 4 Completed + labeled graph (# of workers on bottom, total product on the side) 5 TOTAL 20 20 – 18 points = A 17 – 16 points = B 15 – 14 points = C 13 – 12 points = D 11 and below = F uploads/Finance/ law-of-diminishing-returns-assignment-instructions.pdf