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Author Question: If total product for each of five units of labor is 10, 16, 20, 30, and 34, respectively, the ... (Read 33 times)

bclement10

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on: Jun 30, 2018
If total product for each of five units of labor is 10, 16, 20, 30, and 34, respectively, the marginal product of the third unit is
 a. 20
  b. 10
  c. 4
  d. 0
  e. 6

Question 2

The law of diminishing marginal returns states that
 a. long-run average cost declines as output increases
  b. if the marginal product is above the average product, the average will rise
  c. as units of a variable input are added to a given amount of fixed inputs, the marginal product of the variable input eventually diminishes
  d. as a person consumes more of a good, the marginal satisfaction from that good eventually diminishes
  e. if marginal product is positive, total product rises


medine

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Reply #1 on: Jun 30, 2018
Answer to Question 1

C

Answer to Question 2

C


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