Answer Both the question ASAP . I will give you thumbs up . Question 1Output (units per day)89dA5a0123456Labor (workers per day)In the figure above, the marginal product of the third worker is5 units.more than 5 units.less than 5 units.1510O 1 unitsTP DQuestion 2Marginal cost eventually increases because(i) of the law of diminishing returns.(ii) eventually each additional worker produces a successively smaller addition to output.(iii) the marginal product of the variable input eventually falls.Which statements are correct?Only (i) and (ii) are correct.Only (ii) and (iii) are correct.Only (i) and (iii) are correct.All (i), (ii) and (iii) are correct.

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Question 1 20 Output (units per day) 15 10 5 U 9 TP b a 0 1 2 3 4 5 6 Labor (workers per day) In the figure above, the marginal product of the third worker is O 5 units. more than 5 units. O less than 5 units. 1 units

Question 1 20 Output (units per day) 15 10 5 U 9 TP b a 0 1 2 3 4 5 6 Labor (workers per day) In the figure above, the marginal product of the third worker is O 5 units. more than 5 units. O less than 5 units. 1 units

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Answer Both the question ASAP . I will give you thumbs up .

D
Question 2
Marginal cost eventually increases because
(i) of the law of diminishing returns.
(ii) eventually each additional worker produces a successively smaller addition to output.
(iii) the marginal product of the variable input eventually falls.
Which statements are correct?
Only (i) and (ii) are correct.
Only (ii) and (iii) are correct.
Only (i) and (iii) are correct.
All (i), (ii) and (iii) are correct.

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