16. As more and more of the factor of production is used The total product curve rises rapidly at first because product rises and then more slowly because a. Permanent; average; the average product decreases b. Variable; average; average product reaches a maximum c. Permanent; marginal; marginal product reaches a maximum d. variable, borderline; marginal product decreases

16. As more and more of the factor of production is used The total product curve rises rapidly at first because product rises and then more slowly because a. Permanent; average; the average product decreases b. Variable; average; average product reaches a maximum c. Permanent; marginal; marginal product reaches a maximum d. variable, borderline; marginal product decreases

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Figure 14-6 $5 a. $4.14 . b. $20 x ATC Refer to Figure 14-6. What is the amount of total cost? C. $35 d. $29 MR
1 This question is based on the following diagram. Assume that the dashed lines are parallel and that their common slope is equal to b. (That is, b represents a constant.) Moreover, assume that I in the diagram is an inflection point on the total product curve. {Note: An answer "K to N" is different from an answer "above K".} a. TOTAL OUTPUT C. AL KL M N 0 INPUT At what level of the variable input do diminishing marginal returns begin to set in? b. At what level of the variable input does the average product equal the marginal product? For what range of values of the variable input does the average product exceed the marginal product?
2. Short Run Production Function and Total Product curve. You will need words, a chart and a graph here. Next, be sure to do the same for average and marginal product of labor. Explain what is going on in your graphs.
During the second stage of the law of diminishing marginal returns: Group of answer choices 1. marginal product and total product are maximum. 2. total product is decreasing. 3. marginal product and average product are decreasing. 4. average product is negative. Which of the following inputs are variable in the long run? Group of answer choices 1. Labor 2. All of the given answers 3. Capital and Equipment 4. Plant Size
B. the rodu g one m Average Variable Cost C. fixed costs divided by output D. total cost divided by output v Marginal Cost QUESTION 5 20 points Save Answer Match each of the following terms and descriptions Constant returns to scale when the average cost of producing each individual unit A. declines as total output increases Diseconomies of scale average cost of producing each individual item increases as В. output increases economies of scale average cost of producing each individual unit remains C. constant as output increases Long Run Average Total Cost Curve the relationship between output and costs over the life of a D. business Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit ype here to search W 63°F Ca ) ENG 8:10 PM 10/18/2021 hp
a. marginal factor of production. b. fixed factor of production. c. incremental factor of production. d. variable factor of production. 21. Which of the following is not true? a. Marginal cost intersects average variable cost at its minimum point. b. Marginal cost intersects average total cost at its minimum point. c. Marginal cost intersects average fixed cost at its minimum point. d. Average fixed cost intersects average variable cost at its minimum point. 22. If a consumer moves upward along an indifference curve, his or her total utility: a. remains constant. b. first decreases, then increases. c. increases. d. first increases, then decreases. 23. Jill Smith, a careful maximizer of utility, consumes only two goods, peanut butter and ice cream. She had just achieved the utility-maximizing solution in her consumption of the two goods when the price of peanut butter rose. As she adjusts to this event, she will consume: a. more peanut butter and more ice cream. b. less peanut butter…