Labor Marginal product 0 0 1 8 2 10 3 12 4 9 5 5 22) Diminishing returns to labor begins at labor unit of a) 2 b)3 c) 4 d) 5 23) The average product of the 3 units of labor is a) 9 b) 10 c) 9,75 d) 8,8 24) The total product of 4 unit of labor is a) 18 b) 30 c) 39 d) 44

Labor Marginal product 0 0 1 8 2 10 3 12 4 9 5 5 22) Diminishing returns to labor begins at labor unit of a) 2 b)3 c) 4 d) 5 23) The average product of the 3 units of labor is a) 9 b) 10 c) 9,75 d) 8,8 24) The total product of 4 unit of labor is a) 18 b) 30 c) 39 d) 44

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter4: Extent (how Much) Decisions

Section: Chapter Questions

Problem 4.5IP

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Question

Labor	Marginal product
0	0
1	8
2	10
3	12
4	9
5	5

22) Diminishing returns to labor begins at labor unit of

a) 2

b)3

c) 4

d) 5

23) The average product of the 3 units of labor is

a) 9

b) 10

c) 9,75

d) 8,8

24) The total product of 4 unit of labor is

a) 18

b) 30

c) 39

d) 44

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