QUESTION 20According to the law of diminishing return in short runO If we double all inputs, output will decrease by more than doubleO If we double all inputs, output will increase by less than doubleO If we double all inputs, output will increase by doubleO as we hire more labors, while other inputs are fixed, the marginal product of exah extra labor will decreaseQUESTION 21Which of the following statements is true?The marginal and average product curves intersect at the maximum level of output.O The marginal product curve always has a positive slope.O At every output level the marginal product curve lies above the average product curve.O The marginal product = average product curves when average product is at its maximum.Click Save and Submit to save and submit. Click Save All Answers to save all answers.DEL QUESTION 20According to the law of diminishing return in short runO If we double all inputs, output will decrease by more than doubleO If we double all inputs, output will increase by less than doubleO If we double all inputs, output will increase by doubleO as we hire more labors, while other inputs are fixed , the marginal product of exah extra labor will decreaseQUESTION 21Which of the following statements is true?O The marginal and average product curves intersect at the maximum level of output.O The marginal product curve always has a positive slope.O At every output level the marginal product curve lies above the average product curve.O The marginal product = average product curves when average product is at its maximum.Click Save and Submit to save and submit. Click Save All Answers to save all answers.DELEF8FS

20) the law of diminishing return is measured when the marginal output of production decreases due…

According to the law of diminishing return in short run O If we double all inputs, output will decrease by more than double O If we double all inputs, output will increase by less than double O If we double all inputs, output will increase by double O as we hire more labors, while other inputs are fixed , the marginal product of exah extra labor will decrease QUESTION 21 Which of the following statements is true? O The marginal and average product curves intersect at the maximum level of output. O The marginal product curve always has a positive slope. O At every output level the marginal product curve lies above the average product curve. O The marginal product = average product curves when average product is at its maximum.

According to the law of diminishing return in short run O If we double all inputs, output will decrease by more than double O If we double all inputs, output will increase by less than double O If we double all inputs, output will increase by double O as we hire more labors, while other inputs are fixed , the marginal product of exah extra labor will decrease QUESTION 21 Which of the following statements is true? O The marginal and average product curves intersect at the maximum level of output. O The marginal product curve always has a positive slope. O At every output level the marginal product curve lies above the average product curve. O The marginal product = average product curves when average product is at its maximum.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following statements is true? O At every output level the marginal product curve lies above the average product curve. The marginal product curve always has a positive slope. The marginal product = average product curves when average product is at its maximum. O The marginal and average product curves intersect at the maximum level of output.
In the short run production function O a. All inputs are variable O b. All inputs are fixed O C. There are fixed and variable inputs Od. Technology alone is variable
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Consider the following production function: q = 2V1 + 3VK Assume K = 16, derive the marginal product schedule for L. What direction is it moving? a. b. What returns to scale does the production function exhibit? Explain Let w = $4, r = $2, and K = 16; for the given values of a determine average fixed costs, average variable costs, average total costs, and marginal costs: C. L AFC AVC ATC MC 9 12 13 14 15 16 K 16 16 16 16 16
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Which of the following is the best description of a production 'isoquant'? The set of all inputs which generate the same level of output. O The level of profit which makes the firm indifferent between producing or not producing. The input combinations which generate a positive level of profit. The marginal impact on profit of increasing inputs by 1 unit. O The input combinations which generate a given level of profit.
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The figure shows the total product curve for different levels of a variable input, labor. Output Total Product curve АВ с D E Quantity of Labor In the figure, at point C O average product equals marginal product O marginal product is at a maximum total product is increasing at an increasing rate average product is declining but positive
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