The relationship depicted on the graph is called a _______ function. 16. Refer to Figure 18-1. The production process depicted on the graph exhibits _______ marginal product of labor. 17. Refer to Figure 18-1. What is the marginal product of the second mechanic?

The relationship depicted on the graph is called a _ function. 16. Refer to Figure 18-1. The production process depicted on the graph exhibits _ marginal product of labor. 17. Refer to Figure 18-1. What is the marginal product of the second mechanic?

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: Production And Costs

Section21.5: Production And Costs In The Long Run

Problem 1ST

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Concept explainers

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.

Question

15. Refer to Figure 18-1. The relationship depicted on the graph is called a _______ function.

16. Refer to Figure 18-1. The production process depicted on the graph exhibits _______ marginal product of labor.

17. Refer to Figure 18-1. What is the marginal product of the second mechanic?

Figure 18-1. The figure shows the relationship between the number of mechanics hired
and the number of car repairs performed per day at a car-repair shop.
Number of
Cars Repaired
18
17
15
12
8
->
1
2
4
5
Number of
Mechanics

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