This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Describe the relationship between the marginal and average products of labor as the employment of ... (Read 85 times)

lracut11

  • Hero Member
  • *****
  • Posts: 536
on: Jun 29, 2018
Describe the relationship between the marginal and average products of labor as the employment of labor increases in the short run.
 
  What will be an ideal response?

Question 2

Entry of new firms into a perfectly competitive market raises the product's price.
 
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Alyson.hiatt@yahoo.com

  • Sr. Member
  • ****
  • Posts: 354
Reply #1 on: Jun 29, 2018
Answer to Question 1

Holding other factors such as capital constant, additional workers have increasing and then diminishing marginal returns. So, the marginal product of additional workers rises and then falls, even though remaining positive. As that happens, when the marginal product is greater than the average product, the average product is increasing. When the marginal product is less than the average product, the average product is decreasing. The average product equals the marginal product when the average product is at its maximum.

Answer to Question 2

FALSE


lracut11

  • Member
  • Posts: 536
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

frankwu0507

  • Member
  • Posts: 322
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

The term bacteria was devised in the 19th century by German biologist Ferdinand Cohn. He based it on the Greek word "bakterion" meaning a small rod or staff. Cohn is considered to be the father of modern bacteriology.

Did you know?

Certain chemicals, after ingestion, can be converted by the body into cyanide. Most of these chemicals have been removed from the market, but some old nail polish remover, solvents, and plastics manufacturing solutions can contain these substances.

Did you know?

People who have myopia, or nearsightedness, are not able to see objects at a distance but only up close. It occurs when the cornea is either curved too steeply, the eye is too long, or both. This condition is progressive and worsens with time. More than 100 million people in the United States are nearsighted, but only 20% of those are born with the condition. Diet, eye exercise, drug therapy, and corrective lenses can all help manage nearsightedness.

Did you know?

The Centers for Disease Control and Prevention has released reports detailing the deaths of infants (younger than 1 year of age) who died after being given cold and cough medications. This underscores the importance of educating parents that children younger than 2 years of age should never be given over-the-counter cold and cough medications without consulting their physicians.

Did you know?

More than 2,500 barbiturates have been synthesized. At the height of their popularity, about 50 were marketed for human use.

Percentages of adolescents indicating Benefits and Costs of employment. Percentages of adolescents indicating Benefits and Costs of employment.
Average Global Temperature during the Phanerozoic Average Global Temperature during the Phanerozoic
Attachment is a close emotional relationship. Attachment is a close emotional relationship.
Average Surface Air Pressure – July Average Surface Air Pressure – July
What would your average (mean) number of cells per cluster be? What would your average (mean) number of cells per cluster be?
GeneChip (Affymetrix, Inc.) after hybridization to p53 PCR products GeneChip (Affymetrix, Inc.) after hybridization to p53 PCR products
Video: Global warming and its effect on climate change

For a complete list of videos, visit our video library