Suppose that when a firm hires one additional unit of labour, total product increases from 100 to 110 units of output per month. Marginal product must therefore be 选择一项: O O A. positive. B. decreasing. C. zero. D. constant. E. increasing.
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- The table shows total production of a firm. If units of labour (L) increase, find below. 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) and 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. When total production is increasing, marginal product is (positive, negative) --------------- and when total production is decreasing, marginal product is ----------------Solve for marginal product (MP) given the followingIf x = 25 units,Total Product = 100 units; if x isincreased to 50 units, TP = 75 unitsQUESTION 20 According to the law of diminishing return in short run O If we double all inputs, output will decrease by more than double O If we double all inputs, output will increase by less than double O If we double all inputs, output will increase by double as we hire more labors, while other inputs are fixed , the marginal product of exah extra labor will decrease QUESTION 21 Which of the following statements is true? Click Save and Submit to save and submit. Click Save All Answers to save all amswers. De F1 F2 F3 F4 F5 F6 F7 F8 %23
- The figure shows the total product curve for different levels of a variable input, labor. Output Total Product curve АВ с D E Quantity of Labor In the figure, at point C O average product equals marginal product O marginal product is at a maximum total product is increasing at an increasing rate average product is declining but positiveConsider this production function. Select one or more: a. The average product of labour is falling as hours of study increase. b. The marginal product of labour is constant as hours of study increase. c. The marginal product of labour is rising as hours of study increase. d. The marginal product of labour is zero beyond 15 hours.1) a. What is a production function? How does a long-run production function differ from a short-run production function?b. Explain the term “marginal rate of technical substitution.” What does a MRTS = 4 mean?
- The average product of labour is diminishing when: The marginal product of labour is diminishing. a. b. The production function is concave. The marginal product of labour is smaller than the average product of labour. с. d. The marginal product of labour is negative.Answer questions number 15 and 16 on the basis of the following output data for a firm. Assume that the amounts of all non-labor resources are fixed. Number of Units of Workers Output 1 40 2 90 3 126 4 150 165 180 15. Refer to the above data. Average product is at a maximum when: A. five workers are hired. B. four workers are hired. C. three workers are hired. D. two workers are hired. 16. Refer to the above data. Diminishing marginal returns become evident with the addition of the: A. sixth worker. B. fourth worker. C. third worker. D. second worker.Along the vertical axis of the production function we typically measure O a. revenue. b. the marginal product of the input. c. the quantity of input. d. the quantity of output.
- Diminishing marginal product of labor means that: A. as more capital is employed, the marginal product of labor declines B. the increments to output produced by successive units of labor (holding other inputs constant) rises C. the increments to output produced by successive units of labor (holding other inputs constant) declines D. total output falls as more labor is employedA firm is using a single variable input, labor, with a given amount of a fixed input, capital. If the level of capital is decreased, a. the total product curve shifts downward. b. the average product curve of labor shifts downward. c. the marginal product curve of labor shifts downward. d. all of the above.The figure shows the total product curve for different levels of a variable input, labor. Output In the figure, at point C Total Product curve A B C D E average product equals marginal product marginal product is at a maximum total product is increasing at an increasing rate average product is declining but positive Quantity of Labor