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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
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Question 1 Output (units per day) 8 9 d A 5 a 0 1 2 3 4 5 6 Labor (workers per day) In the figure above, the marginal product of the third worker is 5 units. more than 5 units. less than 5 units. 15 10 O 1 units TP
Transcribed Image Text:Question 1 Output (units per day) 8 9 d A 5 a 0 1 2 3 4 5 6 Labor (workers per day) In the figure above, the marginal product of the third worker is 5 units. more than 5 units. less than 5 units. 15 10 O 1 units TP
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.
Transcribed Image Text: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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