falling.follows.6. Assume that the units of variable input in a coal-production process are 1, 2, 3, 4, and 5 andthe corresponding total outputs (in tons) are 10, 19, 26, and 31, respectively. The marginalproduct of the third unit of input must be 7 tons.a. Trueb. False7. Consumer equilibrium is achieved at the point of tangency between the budget line and thehighest attainable indifference curve.a. Trueb. False8. The slope of the total product curve is the average product curve.a. Trueb. False9. The marginal utility of a good will eventually fall as more of it is consumed.a. Trueb. False10. Marginal utility is at a maximum when it is zero.a. Trueb. FalseIndicate the answer choice that best completes the statement or answers the question.11. Assume that a person is consuming the utility-maximizing quantities of pork and chicken.We can conclude that:a. the price of pork equals the price of chicken.b. the marginal utility of pork equals the marginal utility of chicken.c. the ratio of the marginal utility to price is the same for pork and for chicken.d. both A and B are true.Exhibit: Total Product

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6. Assume that the units of variable input in a coal-production process are 1, 2, 3, 4, and 5 and the corresponding total outputs (in tons) are 10, 19, 26, and 31, respectively. The marginal product of the third unit of input must be 7 tons. a. True b. False

6. Assume that the units of variable input in a coal-production process are 1, 2, 3, 4, and 5 and the corresponding total outputs (in tons) are 10, 19, 26, and 31, respectively. The marginal product of the third unit of input must be 7 tons. a. True b. False

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

falling.
follows.
6. Assume that the units of variable input in a coal-production process are 1, 2, 3, 4, and 5 and
the corresponding total outputs (in tons) are 10, 19, 26, and 31, respectively. The marginal
product of the third unit of input must be 7 tons.
a. True
b. False
7. Consumer equilibrium is achieved at the point of tangency between the budget line and the
highest attainable indifference curve.
a. True
b. False
8. The slope of the total product curve is the average product curve.
a. True
b. False
9. The marginal utility of a good will eventually fall as more of it is consumed.
a. True
b. False
10. Marginal utility is at a maximum when it is zero.
a. True
b. False
Indicate the answer choice that best completes the statement or answers the question.
11. Assume that a person is consuming the utility-maximizing quantities of pork and chicken.
We can conclude that:
a. the price of pork equals the price of chicken.
b. the marginal utility of pork equals the marginal utility of chicken.
c. the ratio of the marginal utility to price is the same for pork and for chicken.
d. both A and B are true.
Exhibit: Total Product

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Multiple Choice Question, Pls solve quickly !!
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