The total product curve in the figure demontrates: Output ..... 144- TP O A. Increasing marginal returns 120- O B. Constant marginal returns O C. Diminishing marginal returns 96 96+. Which of the following demonstrates constant marginal returns? 84 72-70 O A. Hiring more labor decreases the productivity of each additional worker 52 O B. A firm makes better use of its labor as it produces more 48- O C. Total costs decreases as labor increases 131 O D. One worker produces 20 units of output per hour 24- 16 .. . 3 4 5 6 7 8 10 Labor 6 12 14 16

The total product curve in the figure demontrates: Output ..... 144- TP O A. Increasing marginal returns 120- O B. Constant marginal returns O C. Diminishing marginal returns 96 96+. Which of the following demonstrates constant marginal returns? 84 72-70 O A. Hiring more labor decreases the productivity of each additional worker 52 O B. A firm makes better use of its labor as it produces more 48- O C. Total costs decreases as labor increases 131 O D. One worker produces 20 units of output per hour 24- 16 .. . 3 4 5 6 7 8 10 Labor 6 12 14 16

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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