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.
Chapter1: Making Economics Decisions
Section: Chapter Questions
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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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2cd65b80-ba70-4111-a35b-fe11efa749ea%2F3d1d70be-56f3-4027-8346-54b2278fcaf2%2F0vw9kzp_processed.png&w=3840&q=75)
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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