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6. Assume that the units of variable input in a coal-production process are 1, 2, 3, 4, and 5 and the corresponding total outputs (in tons) are 10, 19, 26, and 31, respectively. The marginal product of the third unit of input must be 7 tons. a. True b. False

6. Assume that the units of variable input in a coal-production process are 1, 2, 3, 4, and 5 and the corresponding total outputs (in tons) are 10, 19, 26, and 31, respectively. The marginal product of the third unit of input must be 7 tons. a. True b. False

Principles of Microeconomics
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter21: The Theory Of Consumer Choice
Section: Chapter Questions
Problem 1PA
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falling. follows. 6. Assume that the units of variable input in a coal-production process are 1, 2, 3, 4, and 5 and the corresponding total outputs (in tons) are 10, 19, 26, and 31, respectively. The marginal product of the third unit of input must be 7 tons. a. True b. False 7. Consumer equilibrium is achieved at the point of tangency between the budget line and the highest attainable indifference curve. a. True b. False 8. The slope of the total product curve is the average product curve. a. True b. False 9. The marginal utility of a good will eventually fall as more of it is consumed. a. True b. False 10. Marginal utility is at a maximum when it is zero. a. True b. False Indicate the answer choice that best completes the statement or answers the question. 11. Assume that a person is consuming the utility-maximizing quantities of pork and chicken. We can conclude that: a. the price of pork equals the price of chicken. b. the marginal utility of pork equals the marginal utility of chicken. c. the ratio of the marginal utility to price is the same for pork and for chicken. d. both A and B are true. Exhibit: Total Product
Transcribed Image Text:falling. follows. 6. Assume that the units of variable input in a coal-production process are 1, 2, 3, 4, and 5 and the corresponding total outputs (in tons) are 10, 19, 26, and 31, respectively. The marginal product of the third unit of input must be 7 tons. a. True b. False 7. Consumer equilibrium is achieved at the point of tangency between the budget line and the highest attainable indifference curve. a. True b. False 8. The slope of the total product curve is the average product curve. a. True b. False 9. The marginal utility of a good will eventually fall as more of it is consumed. a. True b. False 10. Marginal utility is at a maximum when it is zero. a. True b. False Indicate the answer choice that best completes the statement or answers the question. 11. Assume that a person is consuming the utility-maximizing quantities of pork and chicken. We can conclude that: a. the price of pork equals the price of chicken. b. the marginal utility of pork equals the marginal utility of chicken. c. the ratio of the marginal utility to price is the same for pork and for chicken. d. both A and B are true. Exhibit: Total Product
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