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 31 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
Wow, this really help

milbourne11

  • Member
  • Posts: 322
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Though methadone is often used to treat dependency on other opioids, the drug itself can be abused. Crushing or snorting methadone can achieve the opiate "rush" desired by addicts. Improper use such as these can lead to a dangerous dependency on methadone. This drug now accounts for nearly one-third of opioid-related deaths.

Did you know?

For pediatric patients, intravenous fluids are the most commonly cited products involved in medication errors that are reported to the USP.

Did you know?

Your chance of developing a kidney stone is 1 in 10. In recent years, approximately 3.7 million people in the United States were diagnosed with a kidney disease.

Did you know?

Hip fractures are the most serious consequences of osteoporosis. The incidence of hip fractures increases with each decade among patients in their 60s to patients in their 90s for both women and men of all populations. Men and women older than 80 years of age show the highest incidence of hip fractures.

Did you know?

Pubic lice (crabs) are usually spread through sexual contact. You cannot catch them by using a public toilet.

Relationship between the pancreas and the digestive system. Relationship between the pancreas and the digestive system.
A Scatterplot of the Test Scores and Average Grades of 10 Students A Scatterplot of the Test Scores and Average Grades of 10 Students
Relationship between inorganic and organic nitrogen metabolism Relationship between inorganic and organic nitrogen metabolism
The level of emissions from transport in the United States is twice as high as the global average The level of emissions from transport in the United States is twice as high as the global average
Relationship Between the Atlas and the Axis. The Dens of the Axis Provides a Pivotal Point Around Wh Relationship Between the Atlas and the Axis. The Dens of the Axis Provides a Pivotal Point Around Wh
The colinear relationship The colinear relationship
Video: Male Reproductive System - Testosterone

For a complete list of videos, visit our video library