Author Question: Marginal product is defined as a. the increase in revenue that occurs when an additional unit of a ... (Read 55 times)

kaid0807

  • Hero Member
  • *****
  • Posts: 515
Marginal product is defined as
 a. the increase in revenue that occurs when an additional unit of a resource is added
  b. the increase in output that occurs when all resources are increased by the same proportion
  c. the increase in output that occurs when an additional unit of a resource is added, holding all other resources constant
  d. the amount of additional resources needed to increase output by one unit when all resources are increased by the same amount
  e. the amount of additional money needed to increase output by one unit when all resources are held constant

Question 2

The additional output obtained by adding another unit of labor to the production process is called
 a. the marginal cost of labor
  b. the average output of labor
  c. a variable cost
  d. the marginal product of labor
  e. the marginal utility of labor



fdliggud

  • Sr. Member
  • ****
  • Posts: 366
Answer to Question 1

C

Answer to Question 2

D



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Intradermal injections are somewhat difficult to correctly administer because the skin layers are so thin that it is easy to accidentally punch through to the deeper subcutaneous layer.

Did you know?

This year, an estimated 1.4 million Americans will have a new or recurrent heart attack.

Did you know?

Atropine, along with scopolamine and hyoscyamine, is found in the Datura stramonium plant, which gives hallucinogenic effects and is also known as locoweed.

Did you know?

When blood is exposed to air, it clots. Heparin allows the blood to come in direct contact with air without clotting.

Did you know?

Your skin wrinkles if you stay in the bathtub a long time because the outermost layer of skin (which consists of dead keratin) swells when it absorbs water. It is tightly attached to the skin below it, so it compensates for the increased area by wrinkling. This happens to the hands and feet because they have the thickest layer of dead keratin cells.

For a complete list of videos, visit our video library