(Figure: Capital and Labor IV) Which of the following statements is (are) TRUE? Capital (K) 15 12 6 3 0 Q-14 1 2 3 4 5 6 7 8 9 10 O II O III O I, II, and III II and III Labor (L) I. More output is produced at point A than at point B. II. The ratio of the marginal product of labor to the marginal product of capital is higher at point A than at point B. III. The MRTSLK is equal at points A and B.

ECON MICRO
5th Edition
ISBN:9781337000536
Author:William A. McEachern
Publisher:William A. McEachern
Chapter7: Production And Cost In The Firm
Section: Chapter Questions
Problem 3.7P
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(Figure: Capital and Labor IV) Which of the following statements is (are) TRUE?
Capital (K)
15
12-
9
6
3
0
0-14
1 2 3 4 5 67 8
9 10
Labor (Z)
I. More output is produced at point A than at point B.
II. The ratio of the marginal product of labor to the marginal product of capital is higher at point A than at point B.
III. The MRTSLX is equal at points A and B.
11
III
I, II, and III
II and III
Transcribed Image Text:(Figure: Capital and Labor IV) Which of the following statements is (are) TRUE? Capital (K) 15 12- 9 6 3 0 0-14 1 2 3 4 5 67 8 9 10 Labor (Z) I. More output is produced at point A than at point B. II. The ratio of the marginal product of labor to the marginal product of capital is higher at point A than at point B. III. The MRTSLX is equal at points A and B. 11 III I, II, and III II and III
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