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Explain the marginal productivity theory
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- What is the marginal cost of labor?The marginal productivity theory is used to assess how many units of a factor of production, such as labour, will be employed by a firm. Explain 2 assumptions of this theory and the limitation if those assumptions.Which of the following explains the slope of the demand curve for labor?a. the marginal productivity theoryb. the law of diminishing marginal productc. the practice of featherbeddingd. the result of monopsony
- What is the difference between and Accounting Profit and an Economic Profit? How does Technology affect the Demand for Labor?Which of the following describes the law of diminishing returns to labor? A. When one more worker got hired their marginal product was negative B. When one more worker got hired total product of the firm went down C. When one more worker got hired their marginal product was lower than the marginal product of the previous workerUse the following table to answer the questions below. Number of chefs Number of pizzas produced per day 1 5 2 25 3 40 4 50 5 55 6 58 7 58 Find the marginal product (MP) for each value of L. The firm is experiencing increasing returns with how many workers? At what number of workers will diminishing marginal returns begin?
- For a profit-maximizing competitive firm, the value of marginal product curve is A. always rising. B. falling only when marginal product is rising. C. the labor supply curve. D. the labor demand curve.WHICH OF THE FOLLOWING CONCEPTS OF PROFIT TAKES INTO ACCOUNT THE OPPORTUNITY COST OF CAPITAL A. MANAGERIAL PROFIT B. FINACIAL PROFIT C. ECONOMIC PROFIT D. ACCOUNTING PROFIT