Answered: Production Point|Output Typewriters…

Business

Economics

Production Point|Output Typewriters Employees 1 1 70 A B 1 100 1 1 2 150 175 2 2 D 3 E

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 24RQ: What is a production technology?

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Question

Consider the production function of the firm below. Which of the following is NOT true?

The marginal product of labor at B is 70 units.

The total product is increasing as inputs to production increase.

The marginal product of capital at point D is 50.

The marginal products of both labor and capital are always increasing.

Production Point|Output Typewriters Employees
1 1
70
A
B
1
100
1
1
2
150
175
2
2
D
3
E

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