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11. In any production process, the marginal product of labor equals A. the value of total output minus the cost of the fixed capital stock. В. the change in output per unit change in labor input for “small" changes in the amount of input. С. total output divided by total labor inputs. D. total output produced with the given labor inputs. Е. the average output of the least-skilled workers employed by the firm.

11. In any production process, the marginal product of labor equals A. the value of total output minus the cost of the fixed capital stock. В. the change in output per unit change in labor input for “small" changes in the amount of input. С. total output divided by total labor inputs. D. total output produced with the given labor inputs. Е. the average output of the least-skilled workers employed by the firm.

Microeconomics A Contemporary Intro
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter7: Production And Cost In The Firm
Section7.A: Appendix: A Closer Look At Production And Cost
Problem 1AQ
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11. In any production process, the marginal product of labor equals А. the value of total output minus the cost of the fixed capital stock. В. the change in output per unit change in labor input for “small" changes in the amount of input. С. total output divided by total labor inputs. D. total output produced with the given labor inputs. Е. the average output of the least-skilled workers employed by the firm. 12. A firm has the production function f(x, y) = 20x5 y25. The slope of the firm's isoquant at the point (x, y) = (20, 40) is (pick the closest one) А. -3. В. -0.67. С. -1.50. D. -0.50. Е. -0.25.
Transcribed Image Text:11. In any production process, the marginal product of labor equals А. the value of total output minus the cost of the fixed capital stock. В. the change in output per unit change in labor input for “small" changes in the amount of input. С. total output divided by total labor inputs. D. total output produced with the given labor inputs. Е. the average output of the least-skilled workers employed by the firm. 12. A firm has the production function f(x, y) = 20x5 y25. The slope of the firm's isoquant at the point (x, y) = (20, 40) is (pick the closest one) А. -3. В. -0.67. С. -1.50. D. -0.50. Е. -0.25.
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