Which statement is TRUE about Mr. McConaughey's marginal utility from spending time with family and friends and breaking a sweat?
A) The marginal utility Mr. McConaughey gets from the first hour of spending time with his family is less than the marginal utility from the first hour of breaking a sweat.
B) The marginal utility Mr. McConaughey gets from the third hour of spending time with his family is less than the marginal utility from the fourth hour of breaking a sweat.
C) The marginal utility Mr. McConaughey gets from the fourth hour of spending time with his family is greater than the marginal utility from the fourth hour of breaking a sweat.
D) The marginal utility Mr. McConaughey gets from the second hour of spending time with his family is greater than the marginal utility from the first hour of breaking a sweat.
Question 2
Average variable cost is at a minimum at the same amount of output at which
A) average product is at a maximum.
B) marginal product is at a maximum.
C) average product is at a minimum.
D) marginal product is at a minimum.
A graphical representation of the marginal value theorem.
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