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1. In a the short product process a(an) marginal product of labor explains why marginal cost is negative and decreases Select the correct response: o None of the above Increasing; does not change o Diminishing; decreases Diminishing, rises - WRONG ANSWER o Zero; falls o Constant; rises

1. In a the short product process a(an) marginal product of labor explains why marginal cost is negative and decreases Select the correct response: o None of the above Increasing; does not change o Diminishing; decreases Diminishing, rises - WRONG ANSWER o Zero; falls o Constant; rises

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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May I know the Correct Answer: 1. In a the short product process a(an) marginal product of labor explains why marginal cost is negative and decreases Select the correct response: None of the above Increasing; does not change Diminishing; decreases Diminishing, rises - WRONG ANSWER o Zero; falls Constant; rises 2. Tom borrowed Php500,000 from her parents to open a spa. He pays her parents a 5% yearly return on the money they lent her. Her other yearly fixed costs equal Php150,000 and his variable costs equal Php200,000. In her first year, Tom had a total of 2,000 customers at a price of Php300/customer. Tom's total fixed cost is 675000 – WRONG ANS 3. A firm uses labor and capital to produce an output. The hourly cost of labor is 10 and the hourly cost of capital is 50. Which of the following combinations of labor and capital hours of use represent points on the firm's 100,000 isocost line? Select the correct response: o (1,000-2,000) o (2,000-1,000) o (1,000-1,000) (1,000-1,800) – - WRONG ANSWER (2,000-2,000) NONE OF THE ABOVE 4. Given the information that follows: Sales - 750,000, explicit costs 450,000, return you could have earned by investing your money elsewhere = 50,000, wages that you and your family members could have earned doing the same work for another firm = 70,000. The Accounting cost is equal to 30000 – WRONG ANS
Transcribed Image Text:May I know the Correct Answer: 1. In a the short product process a(an) marginal product of labor explains why marginal cost is negative and decreases Select the correct response: None of the above Increasing; does not change Diminishing; decreases Diminishing, rises - WRONG ANSWER o Zero; falls Constant; rises 2. Tom borrowed Php500,000 from her parents to open a spa. He pays her parents a 5% yearly return on the money they lent her. Her other yearly fixed costs equal Php150,000 and his variable costs equal Php200,000. In her first year, Tom had a total of 2,000 customers at a price of Php300/customer. Tom's total fixed cost is 675000 – WRONG ANS 3. A firm uses labor and capital to produce an output. The hourly cost of labor is 10 and the hourly cost of capital is 50. Which of the following combinations of labor and capital hours of use represent points on the firm's 100,000 isocost line? Select the correct response: o (1,000-2,000) o (2,000-1,000) o (1,000-1,000) (1,000-1,800) – - WRONG ANSWER (2,000-2,000) NONE OF THE ABOVE 4. Given the information that follows: Sales - 750,000, explicit costs 450,000, return you could have earned by investing your money elsewhere = 50,000, wages that you and your family members could have earned doing the same work for another firm = 70,000. The Accounting cost is equal to 30000 – WRONG ANS
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