QUESTION 171 poMarginal product is:O A. the increase in total revenue attributableO B. the increase in total output attributable O C. the increase in total costO D. total product dividedto the employment of one more workerto the employment of one moreattributable to the employment ofby the number ofworkerone more workerworkers employed

Marginal product is part of marginal analysis.

Marginal product is: O A. the increase in total revenue attributable to the employment of one more worker O D. total product divided by the number of workers employed O B. the increase in total output attributable O C. the increase in total cost to the employment of one more attributable to the employment of worker one more worker

Marginal product is: O A. the increase in total revenue attributable to the employment of one more worker O D. total product divided by the number of workers employed O B. the increase in total output attributable O C. the increase in total cost to the employment of one more attributable to the employment of worker one more worker

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following statements is true? O At every output level the marginal product curve lies above the average product curve. The marginal product curve always has a positive slope. The marginal product = average product curves when average product is at its maximum. O The marginal and average product curves intersect at the maximum level of output.
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Question 4 For a firm, the production function represents the relationship between OOO implicit costs and explicit costs. quantity of inputs and total cost. quantity of inputs and quantity of output. quantity of output and total cost. iz Instructions Question 5 Grace is a self-employed artist. She can make 20 pieces of pottery per week. She is considering hiring her sister Kate to work for her. Both she and Kate can make 35 pieces of pottery per week. What is Kate's marginal product? O 15 pieces of pottery O22.5 pieces of pottery O 35 pieces of pottery O 55 pieces of pottery
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Pls explain in simplest way how the marginal product of labor and the average product of labor change as the quantity of labor employed increases (a) initially and (b) eventually
Labor (workers) Output 0 20 50 70 80 85 OAN 345 0 The table above shows a total product schedule. Suppose that labor costs $20 per worker and fixed costs are $60. The total cost of producing 80 units equals O less than $5. O more than $5 and less than $110. O more than $110 and less than $120. O more than $120 and less than $150. DIS O more than $150.