ECONOMICS W/CONNECT+20 >C<
20th Edition
ISBN: 9781259714993
Author: McConnell
Publisher: MCG CUSTOM
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Question
Chapter 9.2, Problem 4QQ
To determine
Marginal product.
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Students have asked these similar questions
Average product is equal to
A) marginal product + total product.
B) total product ÷ marginal product.
C) total product ÷ quantity of labor.
D) marginal product x quantity of labor.
E) total product x quantity of labor.
When the marginal product of labor equals the average product of labor, then
a. the marginal product is still increasing.
b. the marginal product is maximized.
c. the average product is still increasing.
d. the average product is maximized.
Marginal product is: a. the change in total product divided by the change in the quantity of labor. b. total product divided by the quantity of labor. c. always positive. d. unrelated to total product.
Chapter 9 Solutions
ECONOMICS W/CONNECT+20 >C<
Ch. 9.2 - Prob. 1QQCh. 9.2 - Prob. 2QQCh. 9.2 - Prob. 3QQCh. 9.2 - Prob. 4QQCh. 9.5 - Prob. 1QQCh. 9.5 - Prob. 2QQCh. 9.5 - Prob. 3QQCh. 9.5 - Prob. 4QQCh. 9.8 - Prob. 1QQCh. 9.8 - Prob. 2QQ
Ch. 9.8 - Prob. 3QQCh. 9.8 - Prob. 4QQCh. 9 - Prob. 1DQCh. 9 - Prob. 2DQCh. 9 - Prob. 3DQCh. 9 - Prob. 4DQCh. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 1RQCh. 9 - Which of the following are short-run and which are...Ch. 9 - Prob. 3RQCh. 9 - Prob. 4RQCh. 9 - Prob. 5RQCh. 9 - Prob. 6RQCh. 9 - Prob. 1PCh. 9 - Prob. 2PCh. 9 - Prob. 3PCh. 9 - Prob. 4P
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- Explain production function by describing Total (TP), Average (AP) and Marginal Product (MP). Use the graphic illustration to clarify descriptions.arrow_forwardIf a firm experiences diminishing productivity of labor, the marginal product Question 31Select one: a. increases as total product decreases. b. decreases as total product increases. c. decreases as total product decreases. d. increases as total product increases.arrow_forwardQUESTION 8 An increase in output that arises from an additional unit of input is a. increased product. b. incremental product. c. economic product. d. marginal product.arrow_forward
- 4 . When the average output reaches its highest level, the average output is .A. is greater than marginal product B. less than marginal productC. is equal to the marginal product D. equal to the total productarrow_forwardWhen total product is increasing at an increasing rate, marginal product is: positive and increasing.B. positive and decreasing.C. constant.D. negative.arrow_forwardDefine marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two related? Why is MC called the mirror image of MPP? Explain. Answer must correct. Describe it step by step. Don,t copy from anywhere. Use word file for answer. Use graph. word limit minimum 350 .arrow_forward
- Question attahed in imagearrow_forward1. Explain production function and illustrate examples. 2. Explain marginal product of input in a production process. 3. Illustrate example of getting the slope of the production function curve.arrow_forwardThe table shows total production of a firm. If units of labour (L) increase, find below. 2 marks Units of Labour Total Product (TP) Marginal Product (MP) Average Product (AP) 0 0 1 80 2 200 3 330 4 400 5 450 6 480 7 490 8 480 Compute the marginal product of labour (MP) from first to eighth units of labour. Now compute the average product (AP) of the various quantities of labour and enter them into table. There are increasing return to labour from the first through the ---------------- units of labor and decreasing return from the --------------through eighth units. d. When total production is increasing, marginal product is (positive, negative) --------------- and when total production is decreasing, marginal product is ----------------arrow_forward
- Allarrow_forwardThe total product curve shows the relationship between total product and A) the marginal product. B) the average product. C) the quantity of capital. D) the quantity of labor.arrow_forward2.The production function shows the relationship between Select one: a. quantity of outputs and unit costs. b. the quantity of inputs and the quantity of outputs. c. labor and capital d. costs of inputs and revenue generatedarrow_forward
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