5. Diminishing marginal returns sets in when worker is hired." the a. Second O b. Third O c. Fourth d. None of the above; the production O function displays increasing marginal returns

QUESTION 10 When Total product is at Maximum, Marginal product will be O A. Positive O B. Negative OC.Zero O D. At maximum too. Click Save and Submit to save and submit. Click Save All Ansuwers to save all a

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In a short-run production process, a diminishing marginal product of labor explains why marginal cos is? 1.A negative and falling 2.zero 3.positive but falling D. positive and rising

QUESTION 35 As you add more and more units of a variable factor to a fixed factor, marginal output will start to fall at some point. What is this called? O a. Diseconomies of scale O b. Diminishing marginal returns O c. Diseconomies of scope O d. Diminishing average returns

↑ The firm is currently along isocost CE. If the price of labor is $60, then the price of labor is OOO A. $40. B. $60. C. $80. D. $90. CLIE Units of capital 80 Us 60 A 0 B D 60 80 120 Units of labor

6 Ahmed's PIzza House sells extra-large deluxe pizzas at OMR 9.000 per pizza. The cost of ingredients to make extra-large deluxe pizza is OMR 2.000. Ahmed pays each of his employees OMR 60 per day. He also incurs a fixed cost of OMR 120 per day, Calculate Ahmed's average fixed cost per day when he produces 50 extra-large deluxe pizzas using two workers? a. OMR 2.000 6 OMR 2.400 OMR 4.400 d OMR 6.800 TrC : AFCXOutut TEC. pat 524 5. C.

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8. The law of diminishing marginal product holds that as a variable input increases while other inputs are fixed, ______.a. eventually the fixed inputs will increase at a rate equal to or below the variable increasesb. labor demanded will be high at both very low and very high outputs creating a U-shaped curvec. the marginal revenue product will eventually cause the labor demand curve to turn upwardd. at some point the increase will lose its effectiveness, and additions to output will decline

10. Use the figure below (on the next page) to answer these questions: At 200 units of output, find the following costs: c. TVC= 2000 f. TC = 5000 g. SMC= a. AFC- b. AVC- c. ATC= d. TFC = h. AFC= i. AVC= j. ATC= k. TFC= Average and marginal costs (dollars) 25 3000 At 600 units of output, find the following costs: 1. TVC=_ m. TC n. SMC= 35 30 25 20 15 10 15 10 5 T 0 100 200 300 400 Output 500 600 SMC 700 ATC AVC 800