Question 12 According to the law of diminishing returns, a) The total product declines as more units of a variable factor are added to a fixed factor b) The marginal product eventually increase as more units of a variable factor are added to a fixed factor The marginal product of a variable factor eventually declines as more units of it are added to a fixed factor d) As long as the marginal product is positive, total product will decrease

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_____________ occurs when the marginal product of an additional worker exceeds the marginal product of the previous worker.   Normal profit   The average product curve   Increasing marginal returns   Law of Diminishing Returns   Economic profit   marginal revenue per unit   Decreasing marginal returns   average product   marginal productivity (per worker)   total product   long run short run

Time left 1:30:35 Suppose you are given the following output and (incomplete) cost table (assume labor is the only variable input and that all workers are paid an equal wage rate): Labor Output 0 0 2 3 4 100 units 270 units 570 units 650 units Fixed Cost Variable Cost C. a. an amount less than $15 b. an amount between $15 and $25 an amount between $25 and $35 d. an amount between $35 and $45 e. an amount greater than $45 Total Cost $50,000 Average Variable Cost undefined What is marginal cost when the third worker is employed? $61.53