If 15 workers produce 100 license plates, 16 workers produce 120 license plates, and 17 workersproduce 130-license plates, thenO diminishing marginal returns have not set in because the marginal product is positiveO the marginal product of the seventeenth worker is 130O diminishing marginal returns must begin with the sixteenth workerO the marginal product of the sixteenth worker is greater than the marginal product of theseventeenth workerO the marginal product of the fifteenth worker must be 20

The marginal product of labor is the additional output gained by hiring one more labor or worker,…

If 15 workers produce 100 license plates, 16 workers produce 120 license plates, and 17 workers produce 130-license plates, then O diminishing marginal returns have not set in because the marginal product is positive O the marginal product of the seventeenth worker is 130 diminishing marginal returns must begin with the sixteenth worker O the marginal product of the sixteenth worker is greater than the marginal product of the seventeenth worker O the marginal product of the fifteenth worker must be 20

If 15 workers produce 100 license plates, 16 workers produce 120 license plates, and 17 workers produce 130-license plates, then O diminishing marginal returns have not set in because the marginal product is positive O the marginal product of the seventeenth worker is 130 diminishing marginal returns must begin with the sixteenth worker O the marginal product of the sixteenth worker is greater than the marginal product of the seventeenth worker O the marginal product of the fifteenth worker must be 20

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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