ENGR.ECONOMIC ANALYSIS
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ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Transcribed Image Text:QUESTION 4
When Total Product of labors (TPL) is maximized then:
O Average product (APL) equals zero
Marginal product (MPL) equals zero
O Marginal product (MPL) is maximized
O Average product (APL) is maximized
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- The first unit of an eight-unit job took 64 minutes. If the work has a 75% learning curve, which is your estimate of the minutes that will be needed for the last unit (Apply the incremental unit Time Model)? O a. 48 O b. 54 O c. 36 O d. 27arrow_forwardWhen making a choice between factor inputs such as labor or equipment, or between two different kinds of equipment, a profit maximizing firm will choose O the cheaper, lowest price item, regardless of its productivity O the highest productivity item, regardless of its price O the item which yields the most productivity per dollar of price O none of the abovearrow_forwarda Q₂ Curve number 2 is the 1) marginal cost curve 2) marginal product of labor curve Curve number 2 is the O 1). -marginal cost curve 2) marginal product of labor curve 3) average product of labor curve 4) total product curve 5) returns to labor curvearrow_forward
- The short run is defined as the period of time: Select one: O a. in which all inputs are fixed O b. in which at least one input is fixed O c. O d. none of the answers provided is correct in which no inputs are fixedarrow_forwardUnits of Total Average Marginal Product Product Product Labor 1 100 2 125 3 300 4 20 5 290 In the table above, diminishing returns Multiple Choice O begin with the first unit of labor. begin with the third unit of labor. O begin with the fourth unit of labor. begin with the fifth unit of labor. do not occur because output is positive for all levels of labor usage. Oarrow_forward
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