900- 800- 700- 600- 500- 400- 300 200- 100- 400 800 1200 1600 2000 2400 2800 Number of farmers

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 24RQ: What is a production technology?
icon
Related questions
Question
The diagram below shows an agricultural production function.
900-
800-
700-
600-
500-
400-
300-
200-
100-
400
800
1200
1600
2000
2400
2800
Number of farmers
Kilogrammes of grain produced (thousands)
Transcribed Image Text:The diagram below shows an agricultural production function. 900- 800- 700- 600- 500- 400- 300- 200- 100- 400 800 1200 1600 2000 2400 2800 Number of farmers Kilogrammes of grain produced (thousands)
The function shows diminishing marginal product of labour.
Select one:
O True
False
Transcribed Image Text:The function shows diminishing marginal product of labour. Select one: O True False
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Profits
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax