Multiple choices One reason why in the short run, the marginal product of labor might increase initially as more workers are hired is that? the first workers hired get to use the best equipmentspecialization allows a worker to focus on one task, thereby increasing her proficiency at that task.the best workers are hired first and later hires are not as skillful.beyond some point, a firm has hired too many workers. In the short run, which of the following costs will not change as output changes? marginal cost.total variable cost.average variable cost.average fixed cost.total fixed cost. If your overall grade point average is 2.0 and you earn a 2.5 GPA this semester, your overall grade point average will increase. This situation demonstrates the general principle that? if average value is greater than marginal value, marginal value will increase.if average value is greater than total value, total value will increase.if marginal value is greater than average value, average value will increase.if marginal value is greater than total value, total value will increase. If we have information about workers’ marginal products, then total and average product can be found by? dividing marginal costs by the number of workers.multiplying the average marginal product times the number of workers.summing the marginal values to find the total, and multiplying it times the number of workers to get the average.summing the marginal values to find the total, and dividing it by the number of workers to get the average.

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Answered: Multiple choices One reason why in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Multiple choices

One reason why in the short run, the marginal product of labor might increase initially as more workers are hired is that?

the first workers hired get to use the best equipment
specialization allows a worker to focus on one task, thereby increasing her proficiency at that task.

the best workers are hired first and later hires are not as skillful.
beyond some point, a firm has hired too many workers.

In the short run, which of the following costs will not change as output changes?

marginal cost.
total variable cost.
average variable cost.
average fixed cost.
total fixed cost.

If your overall grade point average is 2.0 and you earn a 2.5 GPA this semester, your overall grade point average will increase. This situation demonstrates the general principle that?

if average value is greater than marginal value, marginal value will increase.

if average value is greater than total value, total value will increase.
if marginal value is greater than average value, average value will increase.

if marginal value is greater than total value, total value will increase.

If we have information about workers’ marginal products, then total and average product can be found by?

dividing marginal costs by the number of workers.

multiplying the average marginal product times the number of workers.
summing the marginal values to find the total, and multiplying it times the number of workers to get the average.

summing the marginal values to find the total, and dividing it by the number of workers to get the average.

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