Author Question: You own a business that answers telephone calls for physicians after their offices close. You have ... (Read 77 times)

mia · **on:** Apr 19, 2019

Question 1

If we assume that labor is the only variable input, the slope of the total product curve in the short run

◦ has no economic significance.
◦ measures the average product of labor.
◦ measures the marginal product of labor.
◦ measures both the marginal and average product at all points on the total product curve.

Question 2

You own a business that answers telephone calls for physicians after their offices close. You have an incentive to substitute capital for labor if the

◦ price of capital increases.
◦ price of labor decreases.
◦ price of capital decreases.
◦ marginal product of labor increases.

Jevvish · **Reply #1 on:** Apr 19, 2019

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