If a firm experiences diminishing productivity of labor, the marginal product Question 31Select one: a. increases as total product decreases. b. decreases as total product increases. c. decreases as total product decreases. d. increases as total product increases.
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If a firm experiences diminishing productivity of labor, the marginal product
Question 31Select one:
increases as total product decreases.
decreases as total product increases.
decreases as total product decreases.
increases as total product increases.
Step by step
Solved in 3 steps
- Marginal product is: a. the change in total product divided by the change in the quantity of labor. b. total product divided by the quantity of labor. c. always positive. d. unrelated to total product.Labor productivity is the term used forSelect one:a. None of the answers are correctb. Total Productc. All the answers are correctd. Marginal Producte. Average Product1) a. What is a production function? How does a long-run production function differ from a short-run production function?b. Explain the term “marginal rate of technical substitution.” What does a MRTS = 4 mean?
- Is it possible to increase the labor productivity (output per unit of labor) in a given production process which exhibits diminishing returns to labor? If so, how? Explain with a graph. NOTE = PLEASE EXPLAIN IN DETAIL EVERYTHING. EXPLANATION DOES NOT MEAN DESCRIPTION. EXPLAIN EVERY DETAIL LONG.Explain production function by describing Total (TP), Average (AP) and Marginal Product (MP). Use the graphic illustration to clarify descriptions.Q2. Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two related? Why is MC called the mirror image of MPP? Explain.
- Question 2 If the slope of the total productivity line is decreasing as output increases, what does that say about marginal productivity a. increasing b. decreasing c. constant d. cannot be deter Full explain this question and text typing work only thanksI’m not sure logically if a production function can simultaneously exhibit CRTS and Economies of scale? And I’m also unsure how to draw the isoquants based on the isocost lines I derived ?(a) What is the difference between average product of labor and marginal product of labor? (b) Explain the relationship between average and marginal product of an input by discussing their respective curves (no need to provide any graphs).
- Explain the Law diminishing return. Calculate the Marginal Product and Average product in the given table. No.of workers Total Product Marginal Product Average Product 0 0 - 1 80 2 170 3 270 4 368 5 430 6 480 7 504 8 504 9 495 10 470Number of Plants (K) Number of Workers (L) Total Production (Y) Marginal Product of Labour Average Product of Labour 1 1 200 1 2 83 1 3 64 1 4 54 1 5 47 1 6 0 Calculate and fill in the total Product column Calculate and fill in the Average Product Column With fixed capital, the firm can increase its marginal Product (MP) by increasing its workers infinitely. Do you agree or disagree with the statement and why? When does diminishing marginal return occur in the above tableGiven the number of labor and the total product in the following table, 1- find the average product (APL) and marginal product (MPL) of labor. 2- Draw Total product (TP), average product (AP) and marginal product (MP) of labor curves